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Why is the market not buying the Fed’s message?
In its new scenario revealed yesterday, the FOMC projects the federal funds rate to be 5.10% at the end of 2023, i.e. 75bp higher than today. Futures contracts put it at 4.37%, just in the middle of the current range of 4.25%-4.50%. A year is an eternity in the markets, a lot can happen in the meantime. At the end of 2021, neither the Fed, nor the markets, nor anyone else had in mind the historic tightening that has just taken place (+425bp). In any case, the message delivered by...
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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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