A far from transitory Fed
Thursday 17th March 2022The Fed has met, they’ve lifted rates in the US, and given a hawkish outlook for rate increases this year and next, with a terminal rate of 2.8 percent by the end of next year. The statement and subsequent press conference left some questions unanswered. NAB’s David de Garis points out how they plan to get inflation under control without unemployment rising, even by the end of 2024. Markets reacted swiftly to the announcement, with sharp rises in front end yields. The Bank of England meets later today, and inflation numbers overnight highlight the size of the task…
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