Fed Frustrated Over Financial Conditions
Easing financial conditions challenge the disinflationary impact of rate hikes and QT
Highlights
• Easing financial conditions challenge the disinflationary impact of rate hikes and QT
• Equity market valuations only make sense against a 0% policy rate
• Declines in housing starts, IP and real retail sales don’t speak to a roaring economy
• With inflation back in focus, all eyes turn to Thursday's PCE deflator release
While We Were Sleeping
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