The Fed chairman may distance himself from the view that interest rates don’t need to rise further
Federal Reserve Chairman Jerome Powell may be more hawkish in his speech Thursday, at least relative to some of the speeches by his colleagues, economists said.
Shenfeld said he was puzzled why many Fed officials seem to be backing away from this forecast at the same time the economic reports have delivered upside surprises to growth in the July-September quarter. Markets will be keen to hear Powell’s discussion about the recent run up in the 10-year Treasury yield BX:TMUBMUSD10Y, which has risen about 90 basis points since July.
But Shenfeld said there are clear divisions at the Fed. He said this is best viewed by looking at the Fed’s forecasts for interest rates at the end of 2025 which, he said. are “are all over the place.”
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