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At Any Rate
Global Rates: Hawkish cuts and dovish holds
Dec 20, 2024
Francis Diamond, Head of European Rate Strategy at J.P. Morgan, shares insights alongside colleague Jay Barry. They discuss the recent decisions by the Federal Reserve and Bank of England, highlighting their contrasting stances. The complexities of interest rate dynamics in the UK and US are dissected. They delve into the Bank of England's new liquidity policies and the Federal Reserve's challenges with funding volatility. Additionally, the looming government funding concerns and potential debt ceiling implications are emphasized, showcasing the uncertainty in the markets.
22:45
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Quick takeaways
- The Fed's 25 basis point cut, coupled with a hawkish outlook, suggests mixed signals about future rate adjustments in the US.
- The Bank of England's dovish stance amidst dissent reflects growing concerns over economic weakness and uncertain growth trajectories in the UK.
Deep dives
Impact of Central Bank Decisions on Market Trends
Recent decisions by major central banks, including the Fed, Bank of England, and Bank of Japan, significantly influenced market expectations and trends. The Fed implemented a 25 basis point cut but maintained a more hawkish outlook than anticipated, which led to an increase in yields across developed markets. The Bank of England, while also holding rates steady, exhibited a more dovish sentiment with three dissenters pushing for a cut, reflecting signs of economic weakness. Meanwhile, the Bank of Japan decided to hold off on raising rates, contributing to a steeper yield curve in government bonds, showcasing the complex landscape of global monetary policy.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode