What the Fed's interest rate cut means for the bond market

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Bond Market,Janney Montgomery Scott,Interest Rate

Janney Montgomery Scott chief fixed income strategist Guy LeBas joins Market Domination Overtime to discuss how the Federal Reserve's interest rate cut will ...

Janney Montgomery Scott chief fixed income strategist Guy LeBas joins Market Domination Overtime to discuss how the Federal Reserve's interest rate cut will weigh on the bond market or the longer portion of the yield curve to rise. And that only really comes alongside a little bit of a reflationary impulse."Markets are on edge ahead of the fed decision, Wednesday and that includes bonds, the 10 year yield edging lower as bets on a 50 basis point cut.

So I think probably what you're seeing is more momentum rather than aggressive positioning ahead of a 50 or 25 basis point cut for next Wednesday.Yeah, I mean, look, the last rate cutting cycle was in midst of global pandemic and uh you know, many of us were concerned about our own personal lives at that time for, for obvious reason.

So academics would talk about credibility as whether when the Fed says they're going to do something, do they do it, does it affect markets and is a result of that, roughly what they expect that's very different from the sort of uh popular perception of FED credibility, which is, are they right in their forecasts?

I will say that I had greater confidence uh that the yield curve would steepen towards the middle to end of 2024 than I did in the level of interest rates presented in those forecasts.

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