Not as dovish as the market had discounted 10 minutes ago. That is a fairly dovish signal from the fed. Three months ago, he was quite hawkish, and then dovish,. Dovish on Interest Rates but hawkish on the balance sheets. The fed seems quite bullish on gross. He did not deliver an early christmas present. To some extent, the point seems to be lost on the markets. To underscore the dovishness, the Market Reaction it is going to try to be more dovish. The rule should be, we pause. All he had to do was say that and markets would be at ease. Jon joining me around the table eorge claves, and cohead of Global Fixed Income strategy. I want to begin with you. If the spread of interpretations are that slide, there is something wrong with the message. It is really difficult for the fed because we are approaching the end of their the neutral rate is a bit of a moving target, there is not consensus exactly where that is that, so it is going to be more difficult for the fed to clearly communicate w
That is a fairly dovish signal from the fed. Three months ago, he was quite hawkish, and then became more dovish. Yesterday he was both. I didnt interpret the statement nearly as hawkish as Market Participants seemed to think. Dovish on Interest Rates but hawkish on the Balance Sheets. The fed seems quite bullish on growth. He did not deliver an early christmas present. But became more dovish at the same time. To some extent, the point seems to be lost on the markets. To underscore the dovishness, the market reaction, it is going to try to be more dovish. In high uncertainty, the rule should be, we pause. All he had to do was say that and markets would be at ease. Jon joining me around the table is george gonclaves, scott kimball, and brian rehling. Brian, i want to begin with you. If the spread of interpretations are that wide, there is something wrong with the message. Brian yeah, it is really difficult for the fed because we are approaching the end of their easing cycle. The neutral
That is a fairly dovish signal from the fed. Three months ago, he was quite hawkish, and then became more dovish. Yesterday he was both. I didnt interpret the statement nearly as hawkish as Market Participants seemed to think. Dovish on Interest Rates but hawkish on the Balance Sheets. The fed seems quite bullish on growth. He did not deliver an early christmas present. But became more dovish at the same time. To some extent, the point seems to be lost on the markets. To underscore the dovishness, the market reaction, it is going to try to be more dovish. In high uncertainty, the rule should be, we pause. All he had to do was say that and markets would be at ease. Jon joining me around the table is george gonclaves, scott kimball, and brian rehling. Brian, i want to begin with you. If the spread of interpretations are that wide, there is something wrong with the message. Brian yeah, it is really difficult for the fed because we are approaching the end of their easing cycle. The neutral
Yesterday was so prophetic, it was taken badly by the market. It was not as dovish as people thought. It was a dovish hike. Not as dovish as the market had discounted 10 minutes ago. That is a fairly dovish signal from the fed. Three months ago, he was talking about he was quite hawkish, and then became more dovish. Yesterday he was both. I didnt interpret the Statement Today as nearly as hawkish as Market Participants seemed to think. Dovish on Interest Rates but hawkish on the Balance Sheets. The fed actually seemed quite bullish on growth. He did not deliver an early christmas present. But became a little more dovish at the same time. To some extent, the point seems to be lost on the markets. To underscore the dovishness, the market reaction, it is going to try to be more dovish. In the face of all the high uncertainty, the rule should be we pause. All he had to do was say that and markets would be at ease. Jonathan joining me around the table here in new york is george gonclaves, s
we start with a big issue, markets continue to shrug off risk. it is really surprising when you look at all the events that have gone on in the market becomes so jaded. they don t react like they used to. i am nervous. it seems like when investors are nervous they are prone to being spooked. nothing seems to speak the market. central banks are keeping the peddal too much on the gas and we are sucking out volatility that is not conducive to long-term growth. i just think there is a disaster risk the markets are not taking into account. lisa: lots of existential angst. joining me in new york is michael cloherty. bonnie wongtrakool, portfolio manager at western asset management and scott kimball, i wouldanager at start with the ecb. we did get news overnight giving more details about what their plan might look like next year. is truck by the fact it the market rally. people bought on the idea of them buying fewer bonds. bcb bancorp will he finished tapering around t