Whispers of a Slowdown in Hikes
WSJ Fed whisperer Nick Timiraos has set the narrative once again this morning, writing that while 75bps is a done deal for the November meeting, the FOMC discussion will be a “critical staging ground” for a potential step down to 50bps in December.
Simply put, Timiraos explains that some Fed officials want to discuss a slowing of the velocity of rate-hikes (to 50bps in Dec from 75bps exp) without triggering a stock market melt-up (and the subsequent easing of financial conditions). So Timiraos’ report is a strawman meant to shake out the initial reactions and build the narrative that 50bps is still a significant hike…
We got our fundamental hockey puck to save on Friday but can it last?
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