Is the Fed backtracking on rates cuts?
Just as markets warmed to the idea that the FOMC dots plot acknowledged rate cuts will happen several times next year, the NY Fed’s John Williams appears as the grinch who stole Christmas. Phil asks NAB’s Tapas Strickland whether markets are listening.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Monday 18th December 2023
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The US Fed’s John Williams said on Friday that it was too soon to be looking at rate cuts, despite the FOMC dots plot showing members expecting several cuts next year. Phil Dobbie asks NAB’s Tapas Strickland about Williams’ motivation and the market response. Meanwhile, as data from China remains soft the PBoC is pumping 800 billion Yuan into the economy. Tapas explains the approach and whether it will work. European PMI data came in softer than expected, whilst the UK seems a little more resilient in the services sector. But with a central bank governor reluctant to move too quickly, is stronger data good or bad for Britain?
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