Société de recherche indépendante en macro-économie et stratégie d’investissement

After cutting its key rates three times, the Fed appears to be satisfied with the current level of rates. This was tangible in Jay Powell’s statement following the FOMC meeting of 30 October, as well as in Richard Clarida’s recent comments. A further rate cut is thus unlikely in the short term unless there were to be disappointment on the macro momentum or inflation fronts and/or a new wave of trade tensions. This is particularly true given that two voting members did not agree with the latest rate cut...