Maggie Lake Talking Markets Episode 114: Is the Fed One and Done? With Brent Donnelly.
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Dec 8, 2025 
Brent Donnelly, President of Spectra Markets and FX strategist, dives deep into the U.S. dollar's influence on global markets. He discusses the implications of Federal Reserve policy changes on volatility and predicts market reactions amid interest rate decisions. Brent also analyzes how USD strength affects currency trades, explores the potential for Renminbi appreciation due to geopolitical factors, and shares insights on precious metals, particularly favoring silver. Get ready for a fascinating look at how various macro drivers are shaping the financial landscape!
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Fed Likely One Hawkish Cut, Then Data-Driven
- The Fed is likely to deliver a single hawkish cut but future policy will remain data dependent.
- Political risks and persistent inflation limit the chance of large rapid cuts in 2026.
Global CBs Drive Rates, Not Just The BOJ
- Global central bank moves matter more than any single BOJ hike for currency and rates dispersion.
- Canada, Australia and New Zealand moves and global growth signals are driving yields higher worldwide.
Reflation Lacks An Oil Surge
- Commodities and the dollar show parts of a reflation trade, but energy (oil) is the missing piece.
- Without oil catching up, commodity strength may not translate into broad inflation fear.