Cookie settings
Picture
Kontakt
Picture

Inflation worries tilt the Fed towards slower accommodation

In Kürze

The Fed is entering a new phase in of policy accommodation, as uncertainty on inflation and the impact of rates on the economy increases. Chair Powell compared it to “driving in a foggy night” which requires slowing down. As a consequence, the median number of rate cuts appropriate for 2025 was reduced from four in September to just two.

Highlights:

• After today’s cut, the Fed now expect to reduce the policy rate by just 50bps in 2025, delaying to the following years any further accommodation. The FOMC raised again, to 3%, the median estimate of the neutral rate.

• The inflation forecast for next year was revised sharply up and its path has become more uncertain. Therefore, and as the policy rate is approaching the neutral level, the Fed has entered a new phase in its path of accommodation, characterised by more caution. 

• Only some FOMC members have stared factoring in tariffs in their forecasts. The Fed will react to policy only when and to the extent which they will interfere with the achievement of the inflation and employment mandates. 

• The clearly hawkish policy tilt hit the S&P, raised yields, and lifted the dollar to its highest value in two years

 

Download the full publication below

Inflation worries tilt the Fed towards slower accommodation
Unsere Fonds
Nachhaltiges Investieren
News & Einblicke
Über Uns
Kontakt
Picture
Picture

© Generali Investments, alle Rechte vorbehalten. Diese Website wird von der Generali Investments Holding S.p.A. als Holdinggesellschaft der wichtigsten Vermögensverwaltungsgesellschaften der Generali Gruppe zur Verfügung gestellt, die direkt oder indirekt die Mehrheitsbeteiligung an den unten aufgeführten Gesellschaften hält (im Folgenden gemeinsam "Generali Investments"). Diese Website kann Informationen über die Tätigkeit der folgenden Gesellschaften enthalten: Generali Asset Management S.p.A. Società di gestione del risparmio, Infranity, Sycomore Asset Management, Aperture Investors LLC (einschließlich Aperture Investors UK Ltd), Plenisfer Investments S.p.A. Società di gestione del risparmio, Lumyna Investments Limited, Sosteneo S. p.A. Società di gestione del risparmio, Generali Real Estate S.p.A. Società di gestione del risparmio, Conning* und unter deren Tochtergesellschaften Global Evolution Asset Management A/S - einschließlich Global Evolution USA, LLC und Global Evolution Fund Management Singapore Pte. Ltd - Octagon Credit Investors, LLC, Pearlmark Real Estate, LLC sowie Generali Investments CEE. *Einschließlich Conning, Inc, Conning Asset Management Limited, Conning Asia Pacific Limited, Conning Investment Products, Inc, Goodwin Capital Advisers, Inc. (zusammen "Conning").

Rechtliche Hinweise
Cookie-Richtlinie
Datenschutzrichtlinie
Geschäftsbedingungen
Urheberrechtsschutz
MiFid
Glossar