Summary

• Last week’s Federal Reserve meeting was always going to be less about rates than about legacy.
• The decision to hold at 3.50 – 3.75% was fully priced and entirely expected.
• Overall, we believe the hawkish rate pricing of recent weeks is overdone.

By Ashok Bhatia & Olumide Owolabi

Last week’s Federal Reserve meeting was always going to be less about rates than about legacy: what Fed Chair Jay Powell leaves behind and what his successor, Kevin Warsh, walks into.

3.3K Followers