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The Fed Is Angry. And The Dollar Is Back
The Fed's mission is "very much unaccomplished."
That's according to BofA's Michael Hartnett, but more importantly, it's according to the Fed itself, and particularly hawks like those markets heard from on Thursday.
The aggressive repricing across US rates witnessed over the past two weeks is bolstering the dollar, which erased its 2023 losses Friday as it headed for a third consecutive weekly gain.
Do note that the dollar's sharp decline from last year's highs and the turnaround in stocks bo
Do you give any credence to the conference board’s LEIs? It looks like consumer expectations are doing a lot of the work to the downside and I am skeptical of surveys but it also looks like there’s decent signal validity for the indicators as a whole in relation to the dot-com recession and the GFC (I’m disregarding covid crash). Could that be undercutting the narrative that the economy is legitimately holding up?
The collision of “higher for longer” with numerous other central banks signaling a pause is particularly bullish for the dollar.