Yellen is the new Powellhas lost its grip on the market is US Treasury secretary Janet Yellen ‘stealing’ Fed Chair Jerome Powell’s spotlight as a market driver. This happened blatantly on Wednesday when a dovish Fed hike was out-shadowed by Yellen’s backtracking on a ‘blanket’ bank deposit insurance. Yesterday, she offered some reassurance to markets in that sense, saying: ‘Certainly, we would be prepared to take additional actions if warranted’.
“At the moment, there are around 90 bps of cuts priced in, starting in July, and the unclear Fed communication is doing very little to reliably push back against those.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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