Fed's Powell and ECB's Lagarde to markets: Hold your rate hike horses | Malay Mail

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Fed's Powell and ECB's Lagarde to markets: Hold your rate hike horses | Malay Mail
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WASHINGTON, Nov 4 ― A rush of expectations that tightening signals by central banks in Canada and Australia would nudge the world's biggest monetary policy actors to accelerate their own timelines for rate hikes ran into a wall of sorts yesterday, with the Federal Reserve and European Central...

WASHINGTON, Nov 4 ― A rush of expectations that tightening signals by central banks in Canada and Australia would nudge the world's biggest monetary policy actors to accelerate their own timelines for rate hikes ran into a wall of sorts yesterday, with the Federal Reserve and European Central Bank saying not so fast.

In the Fed's case alone, futures pricing had advanced since October 1 from firm expectations for the Fed to lift rates just once by the end of 2022 from the near-zero level they've been at for nearly 19 months to 50-50 odds of three quarter-point hikes by year end as of Tuesday. “Despite the current inflation surge, the outlook for inflation over the medium term remains subdued, and thus these three conditions are very unlikely to be satisfied next year.”

“Ideally, we would see further development of the labour market in a context where there isn't another Covid spike. And then we would be able to see a lot. To see how does participation react in the post-Covid world,” he said.

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