Yields falling further and Powell can’t stop them
Treasury yields fell on Friday as markets assume Fed’s rates have peaked. NABV’s Taylor Nugent says two words from Jerome Powell might have supported that idea.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Monday 4th December 2023
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When it comes to predicting rate cuts by the Fed, will the chair Jerome Powell be the last one to shift his position? During his ‘fireside chat’ on Friday he said it would be premature to assume they have achieved a sufficiently restrictive stance. As NAB’s Taylor Nugent points out, markets clearly aren’t paying too much attention, with yields falling sharply lower at the end of the week. Although there were two words in Powell’s talk that could support the idea of cuts sooner rather than later. Meanwhile two central banks are expected to keep rates on hold – the RBA tomorrow and the Bank of Canada later in the week. And focus now switches to employment numbers, with US non-farm payrolls data out on Friday.
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