The Macro Brief: Powell Prolonging The Inevitable, I Opine
Where Macro Meet Markets
Yesterday was one of the most telegraphed rate hikes in the history of monetary policy when the Federal Reserve rose the Fed funds rate by 25 bps.
The fact that oil has collapsed over $30/bbl in less than two weeks saved the markets from a 50 bps hike. We were even projecting a 10% probably of a 75 bps hike if WTI oil held above $130/bbl.
