With the tame October CPI, traders have taken a December rate hike by the Federal reserve hike off the table, reducing the odds to the low single digits. Markets are now acting like a soft landing is indeed attainable. The question arises whether investors will start moving money into stocks.
With the tame October CPI, traders have taken a December rate hike by the Federal reserve hike off the table, reducing the odds to the low single digits. Paul McCulley, PIMCO's former chief economist, called the big move 'rational exuberance' and said on CNBC that 'the Fed is comfortable declaring that policy is sufficiently restrictive, and that's a big deal because they're finished tightening, and the next move will be an ease.
' Markets are now acting like a soft landing is indeed attainable: 'I think the pain trade is being short the market,' Mark Lehman, CEO of Citizens JMP Securities, told me, noting that this news 'adds fuel to the widening of the market.' Which begs the question: how many of those investors who have piled into Treasurys and money market funds begin to feel FOMO and start moving money into stocks? 2023: The year of chasing yield Investors historically chase after stock performance, but 2023 has been the year of chasing after yield performance. This year, the combined assets under management at money market funds grew to a record $6 trillio
Traders Rate Hike Federal Reserve Market Investors Stocks Money Market Funds
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