Wall Street has been fixated on what Federal Reserve Chairman Jerome Powell might say Friday at the annual Jackson Hole, Wyo., economic symposium for clues about the central bank’s next steps on interest rates.
In terms of the cooling housing market, “The upside is that it’s not a repeat of the build up of the subprime lending bubble,” he said, referring to a teetering housing market in 2007 that sparked a wave of mortgage lender bankruptcies and the set the global financial crisis in motion. Importantly, the study preceded trillions worth of pandemic aid that has been sloshing through the economy, financial markets and housing since 2020. A reversal of the Fed’s easy-money stance contributed to a historic selloff in stocks and bonds in the year’s first half.
“The Fed is likely to continue to hike rates a bit higher than current market expectations,” said Brendan Murphy, head of global fixed income, North America at Insight Investment, in emailed comments.
wait, I thought we wanted prices to down? that's what the Fed is trying to do, lower prices lower inflation...right?
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