By Phil Suttle 18-07-2019

The Fed’s Upcoming Blunder (4 min read)

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What a difference seven months makes. At the end of November 2018, financial markets priced the Fed funds rate (then 2.2%) to end 2020 at about 2.7%. Now, however, the market expects the rate to end 2020 at about 1.5%. The pricing of three cuts in the second half of 2019 and a further one or two in 2020 is aggressive, and yet, as I’ll explore below, the easings will probably fail provide substantial support…

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