Fed’s Bostic-Daly Double Team Fails to Quash 2023 Rate Cut Bets

“Fed officials’ consistent push back against rate cuts may reflect a desire to avoid hinting at any loosening in financial conditions,” said Su-Lin Ong, head of Australian economic and fixed-income strategy at Royal Bank of Canada. “If they remain that determined and move into very restrictive territory, as the dot plots would suggest, a US recession is likely and some reversal of policy will likely be needed at some stage.”

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