To David Donabedian at CIBC Private Wealth US, the report puts an “an exclamation point” on the idea that the market bottoming process is going to be a long one. In this “bizarro world” of big hikes, traders may see the data as a reason to brace for turmoil, says Callie Cox of eToro. The bottom line for Brown Brothers Harriman’s Win Thin is that a 75-basis-point Fed boost in November is a “done deal,” with another increase of that size in December is becoming a “real possibility.
Fed Bank of New York President John Williams said interest rates need to rise to around 4.5% over time but the pace and ultimate peak of the tightening campaign will hinge on how the economy performs. Several Fed officials, in separate remarks this week, delivered a resolutely hawkish message that price pressures remain elevated and they won’t be deterred from raising rates by volatility in financial markets.
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