Hold on says the Fed. But for how long?
The Fed didn’t give the hawkish pause that everyone was looking for, says NAB’s Gavin Friend. But they are clearly giving more attention to the rise in long end yields.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Thursday 2nd November 2023
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The Fed kept rate son hold this morning, but there are no signs that they have finished yet. Jerome Powell was clear to point out every meeting remains live. NAB’s Gavin Friend says the statement has been updated to include financial conditions as one of the determinants of future policy, reflecting the recent rises in long end bond yields. Will those yields influence future policy decisions? Powell said it was possible if a few conditions are met. Later on, the Bank of England and Norges Bank – both expected to remain on hold. Will the RBA next week be out of kilter with the other central banks?
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