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Thomas Thornton: This Bear Market Isn't Over Yet

The Macro Trading Floor

CHAPTER

Is the ECB Outpacing the Federal Reserve?

Andreas Meissner: It's relatively rare that the ECB outpaces the Federal Reserve and that's pricing forward curves. I think this is currently kind of a battle between the Fed trying to convince us that this is not Volcker, but if you know what I mean. And the yield curve, at least partly hints that the Fed will capitulate, right? Will it capitulate eventually? He says we still have implied probability of COTS priced in towards the end of the year,. Of 2023 and during the second half of the year.

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