The Fed’s narrow path is getting longer
Thursday 21st September 2023
NAB Markets Research Disclaimer
Financial Services Guide | Information on our services - NAB
The response to the FOMC announcement this morning was swift, with 2-year Treasury yields hitting a 17 year high. The equity markets switched into negative territory too. Why? NAB’s Gavin Friend says the fact that rates are on hold wasn’t a surprise, it was the rise in the median rate forecasts for next year and the year after. Higher for longer is slowly sinking in, but now, perhaps, it's even longer than many had imagined. Gilt yields took a hit as UK CPI came in much…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.