(28/01 09:35) La nuova narrativa (3)

Rileggiamo insieme:

Of importance, Chairman Powell stated: “Financial conditions have tightened significantly in recent months due to longer-term rates.” Further, he says the stronger dollar and weaker equity prices will weigh on economic growth. As long as those conditions remain persistent, the Fed is unlikely to hike rates. Based on trading yesterday afternoon, the stock and bond markets seem to agree the Fed is likely done raising rates. Assuming economic activity does slow, the market will start anticipating rate cuts.

Dice: fino a che perdurano queste condizioni, la Fed non alzerà più il costo del denaro.

Rivediamo insieme:

• tightening of financial conditions: non c’è più

• stringer dollar non c’è più

• lower equity prices non c’è più

• weight on economic growth non c’è e non c’è mai stato.

In sintesi: “quelle condizioni” non ci sono. Ascolteremo Powell anche a questo proposito.