Fed: neither put, nor pivot

In Jackson Hole, Jerome Powell poured cold water on the hopes of those who were expecting monetary easing in 2023. And he has continued to maintain this position since then. However, the question of the “Fed pivot” is again debated on the markets. The BoE makes an emergency move to stabilise the UK bond market, the RBA hikes its policy rate by no more than 25bp and, already, some see the Fed halting its rate hikes and scrapping quantitative tightening. If the Fed does pivot, it w...