Lags And Stepdowns

Lags And Stepdowns

The word "lags" came up nine times in the November FOMC minutes, released into a pre-Thanksgiving void on Wednesday. The market's initial reaction was to trade the account of this month's gathering with a dovish bias, but I'd argue the price action was largely meaningless. Traders, carbon-based and otherwise, were keen to discern unanimity around the so-called "step-down" narrative, introduced in mid-October by Wall Street Journal "Fed whisperer" Nick Timiraos, who suggested the Committee was
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2 thoughts on “Lags And Stepdowns

  1. H-Man, I agree with RIA that the early December prints will tell the tale for the mid-December meeting. If NFP and CPI show any kind of slide, the “lags” will win the day and equities will look like the walking dead scaling the walls of Winterfell.

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