Instant Reaction: Jay Powell on Fed Policy
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 18 December 2024
⏱️ 25 minutes
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Summary
Bloomberg's Tom Keene, Jonathan Ferro and Lisa Abramowicz discuss remarks from Fed Chair Jay Powell following the Federal Reserve's latest policy decision on a special edition of Bloomberg Surveillance as the Fed lowered interest rates for a third time, but reined in the number of cuts they expect in 2025.
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| 1:19.9 | After reducing interest rates by 25 basis points straight out of the gate in that news conference, asked an obvious question. |
| 1:23.6 | Why do this when you're expecting inflation to remain above target? |
| 1:28.5 | The chairman acknowledging today was a closer call that we cut interest rates by 100 basis points across three meetings. The recalibration phase is over. We're in a new phase. Things are foggier, |
| 1:34.6 | the darker, you move more slowly. Well, this was the price reaction to that in the market. Equity's |
| 1:39.8 | slammed. Down 1.5% on the S&P on the NASDAQ down by more than two. The small caps, some outperformance |
| 1:45.7 | on the small caps going into the decision, real underperformance coming out of it. The small |
| 1:50.6 | caps down by 2.8% in the bond market. Big move at the front end of the curve. Yields up across |
| 1:56.2 | the curve, 2s, 10s and 30s on a 2 year up more than 10 to 434-82. And off the back of that, |
| 2:04.2 | in foreign exchanges you might expect, the dollar is stronger against everything in G10, |
| 2:07.9 | ripping up EM, Eurodollar breaking down through 104 and threatening to do the same to 103. |
| 2:13.1 | Eurodollar right now at 103-64. We all had questions about the forecast. Why have you bumped it up |
... |
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