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Forward Guidance
Joseph Wang On “Hawkish” Fed Meeting: March Cuts Unlikely, Tapering of Quantitative Tightening (QT) To Begin In Q4 2024 | Joseph Wang, Michael Ippolito, and Jack Farley
Feb 1, 2024
01:03:11
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Joseph Wang discusses the hawkish Fed conference, asset prices, rates, and the timing of quantitative tightening. They also explore the transmission mechanism of fiscal policy, the role of the discount window, and the bullish outlook for equity markets.
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Quick takeaways
- The recent FOMC conference took a hawkish tone, with no rate cuts expected in March, signaling a conservative approach and the need for more data before making decisions.
- The tapering of quantitative tightening (QT) may occur in the fourth quarter of 2024, suggesting a more gradual process than initially speculated.
Deep dives
Hawkish Fed Conference and Rate Cuts
The podcast episode discusses the recent FOMC conference and highlights its hawkish tone. The speaker emphasizes that the Fed Chair, Cher Pow, explicitly stated that there won't be any rate cuts in March, contrary to market expectations. The Fed's decision was influenced by solid GDP growth, low unemployment, and core PCE hitting the Fed's target. The speaker suggests that although this news may not have a significant impact on the market, it demonstrates a conservative approach and a desire for more data before making any rate cut decisions.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode