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Nomura’s McElligott Rolls Eyes At Powell’s ‘Transitory’ Inflation Message, Says Bar For Cut ‘Infinitely’ Lower Than Bar For Hike

"I remain completely convinced that the bar to CUT is infinitely lower than the bar to HIKE.

"I remain completely convinced that the bar to CUT is infinitely lower than the bar to HIKE.
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1 comment on “Nomura’s McElligott Rolls Eyes At Powell’s ‘Transitory’ Inflation Message, Says Bar For Cut ‘Infinitely’ Lower Than Bar For Hike

  1. The Fed needs the cover of another “transitory” 20+% dive lower in risk assets to justify the 50 bps rate cut. The current market structure seems very willing to accommodate said dive. The question is when do we get to the last marginal buyer? Probably about the same time the Q4 hockey stick save (as H puts it) in earnings growth vanishes as Q4 guidance gets revised over the next 2-5 months.

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