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What monetary normalisation for Powell II?
During his first term as chairman of the Fed, Jerome Powell extended the policy rate hike cycle started under Janet Yellen to 2.5% in 2018, deflated the balance sheet (-$ 650bn), pivoted towards easing in 2019, put rates back to floor level in 2020 and conducted the largest expansion of the balance sheet (+$ 4,600bn) in the Fed’s history. In short, a complete cycle concentrated in a short period. This reflects great agility. Mr Powell has just been confirmed in his post for a sec...
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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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