Fed Raises Rates +25 bp; The Safety System Works
Fed Raises Rates +25 bp; The Safety System Works
We had a market two-fer this week: first, Powell Press Conference Wednesday, followed two days later by Payrolls Friday. First, Powell Wednesday. The Fed raised rates by the expected 25 basis points (bp) (+0.25%). I reduce an hour of press conference down to five bullet points: We need substantially more evidence that inflation is on a downward path. Ongoing [rate] increases will be appropriate. Core services inflation ex-housing is still inflationary. We will stay the course until the job is done. Yes, the pandemic is over. For some reason, the market liked all this – gold/silver/S&P 500 (SPX) all rallied,
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