Walker Crips' Market Commentary
Mixed interest rate messages from US Federal Reserve leave investors wondering
Monetary policy and economic data were in the driving seat last week, with both the US Federal Reserve and the Bank of England scheduled to announce monetary policy decisions. The Fed raised the possibility of a slowdown in the pace of interest rate rises, adding new language to its statement on monetary policy to the effect that it would consider the cumulative impact of rate rises on the economy when setting rates. This was hardly the “pivot” towards more dovish monetary policy that markets were hoping for, but it was enough to unleash a rally. Unfortunately, the rally lasted all of half an hour, by which time Fed Chairman Powell’s press conference had squelched any optimism, saying that rates were actually likely to go higher than expected, even if they went higher in smaller increments...
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