Macro Horizons
Easy Doves It
Mar 22, 2024
Analysis of recent monetary policy events, global fixed income impact, rate cut expectations, Fed policy signals, QT tapering announcement, market response to Fed policy, potential rate cut in June, and economic data anticipation.
21:26
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Quick takeaways
- The Fed maintained a 2024 median dot of 4.6%, signaling potential rate cuts of 75 basis points this year.
- Market sentiments focused on the Fed's dovish tone and commitment to 75 basis point rate cuts in 2024.
Deep dives
Monetary Policy Events in the Treasury Market
The past week saw significant monetary policy events in the treasury market, with the Bank of Japan increasing policy rates and the Fed maintaining a 2024 median dot of 4.6%, suggesting intentions to cut rates by 75 basis points this year. Despite some perceived bond bearish signals, the market focused on the Fed's decision to maintain the rate cut projection. Additionally, comparisons between global central banks highlighted the Bank of Japan's policy rates remaining effectively at zero.
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