Afternoon Note
All quiet on the front, but all hell is about to break loose.
Interestingly, defensive stocks are under more pressure, as the de facto haven of tech stocks (deep pockets can avoid overpaying for capital) continue to lure buyers. But mostly, nobody is doing much…yet.
T-Minus one hour before Jay Powell steps up to the microphone. He will face serious questions and walk the most delicate of tightropes.
When does the Fed Pause?
What impact is the banking crisis having on policy?
Is the market right to see 150 bps in rate cuts from July this year to July 2024?
Meanwhile, money managers around the world are now more concerned with a systemic credit event than inflation.
The bottom line is, Jay Powell doesn’t need to hike rates here no matter what the economists at the Fed and country clubs tell him.
Comments |
Think the 25 was already baked into their plan, as they haven't once diverted. Now we wait for the longer-term outcome. Think they pause from here, as the damage has already been done and wait for the pain to playout. I don't have a clue on what or when the possible rate cuts may occur, speculation is worthless IMHO. Think everyone at the government, banking and WallStreet majors are still blowing smoke, just like when a recession might be declared as official. Only venting a little here, but they've misplayed every step along the way. Terry E Dowler on 3/22/2023 3:15:03 PM |
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