Not in a Hurry
​January’s FOMC minutes were supportive of MIG’s view the Fed will remain on hold through June. In fact, the minutes confirmed two important things for us:
- Elevated uncertainty around Trump policies and their impact on the US economy continues to give the Fed pause​
- The FOMC is not trigger-happy and eager to respond to every uptick in inflation.
Meanwhile, long term yields have been drifting lower as we antiicpated. This is due to the market re-assessing its view of aggressive fiscal policy changes and a hawkish Fed. MIG has been skeptical of both for several months now.Â
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