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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessPowell Says Cuts This Year Are Not The Fed's Baseline Expectation
- Q: You've previously said rates would be held at sufficiently restrictive for some time, are markets wrong for pricing cuts?
- A: The SEP today showed participants expect slow growth with inflation moving down gradually. In that case FOMC doesn't see rate cuts this year. Cuts are not our baseline expectation.
- Q: So 5.1% will be sufficiently restrictive, or impacted by what will happen?
- A: In terms of monetary policy we are looking at the banks and seeing if it will have a tightening on credit conditions. In a way that substitutes for rate hikes. We have to have policy to bring inflation down. It can come from tighter credit conditions. We're just going to have to watch.
- Q: Commercial real estate market risks for smaller/regional banks?
- A: We're well aware of concentrations that some banks have in commercial real estate, but don't think it's comparable to SVB. The banking system is strong, sound, resilient, well-capitalized. Not at all analogous top this.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.