(28/01 09:45) La nuova narrativa (2)

Ritorniamo indietro: ritorniamo allo scorso 1 novembre: la data della penultima riunione della Federal Reserve (che si riunisce come tutti voi sapete martedì prossimo).

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.

In quei giorni, i primi di novembre del 2023, suonarono tutte le fanfare.