Dovish Hawks Or Hawkish Doves? McElligott On The Fed

Dovish Hawks Or Hawkish Doves? McElligott On The Fed

Plainly, Jerome Powell risked further destabilizing fragile US equities at the January FOMC press conference. Stocks wanted a "wink," and while markets understood that Powell's hands are tied given the inflation situation, a risk-friendly outcome would entail "merely" confirming the likelihood of a 25bps (so, not 50bps) March hike, an obligatory nod to balance sheet runoff commencing sometime thereafter (preferably not until, say, June) and an acknowledgment that financial conditions have tight
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