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US: from monetary policy to financial conditions
When the Fed adjusts its policy rate, it does not directly change the credit flows for the economy or household demand, but it sends a signal that is designed to spread to all asset prices. Jerome Powell has clearly nailed his colours to the mast: he wants tighter financial conditions. This can mean several things: pushing up long-term rates, particularly to calm mortgage lending; bringing equity markets down if they are seen as being at excessive levels, thus endangering financi...
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Bruno Cavalier
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