Stocks have been closing in on record territory, which isn’t supposed to be a key worry of the Federal Reserve.
“There is still a lot of money floating around that’s still in the economy,” said Colin Graham, head of multiasset strategies at Robeco. “They are going to have to speed up QT, or push rates higher to see that liquidity drain faster.” That could mean further rate increases may be needed, Guatieri said, which might increase the risk of a hard economic landing.
Both the S&P 500 index SPX and Dow Jones Industrial Average DJIA ended Friday less than 5.5% from the highs put in months before the Fed began in March 2022 its most aggressive rate-hiking campaigns in decades.
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