A)The expectation of FED chairman Powell speech at Jackson Hole was that it would provide a determination to fight Inflation at the expense of employment and growth.
B) The reaction to the speech was obviously a short term disappointment.
The market participants interpreted that the FED is more hawkish than anticipated.
As the trading day progressed and the messages of the speech digested the indices kept falling.
C) The two year Treasuries appreciated by about 20bp to 3.38pct. Interestingly the preferred inflation statistic, PCE, dropped to 6.3 pct in July (from 6.8 pct in June) and the 10y bonds stayed at 3.03 pct. Inflationary expectations are key in this battle.
D)The implication is that FED funds rates will increase to the area of 3.50 to 4.00 pct by Q1 2023 to fight inflation. They are now expected to stay high for some time and not reverse course.
The aim is to get inflation back to 2.00 pct. Inflationary expectations have to be slashed and incoming data have to show continuous improvements before a radical change in contractionary monetary policy takes place.
Ε) Employment and growth are considered now as issues of secondary importance. Hopefully the inflation reduction effort will be achieved with a slowdown or a mild recession and not at the expense of a serious recession.Expectations and reactions of consumers and investors in the expected slowdown will be pivotal. No help from fiscal policy on growth is expected as monetary policy will continue to be restrictive.
F) However, the stance of the FED might eventually be interpreted positively by the market. Participants might realize that the FED policy becomes credible and inflation will be slashed . Evidently if we get new data with positive pleasant surprises will help markets : inflation statistics, supply chain news linked to Ukraine and to the Covid disruptions from China.
Conclusion : we have negative interpretations of the speech short term.
Hopefully positive views might emerge medium term !
Would be cautious with the market but not a seller.
123 Comments
Ensusly
Be aware, too, of alcohol intake cialis online generic
Embanty
Extended adjuvant endocrine therapy beyond 5 years after diagnosis cialis dosage ERО± 36 was shown to activate ERK1 2 through the protein kinase C delta signaling pathway, leading to an increase in the expression of cyclin D1 CDK4, which increases cell cycle progression 9
invoicy
For television personality, author, and lifestyle maven Sandra Lee the roots of her controversial decision to have a bilateral mastectomy go back to her childhood, when her grandmother was diagnosed with an advanced and aggressive form of stomach cancer viagra side effects
MaryBlono
[url=https://sumycin.gives/]tetracycline antibiotics[/url]
Curtisfrity
[url=http://furosemide.party/]lasix 80 mg tablet[/url]
AlanBlono
[url=https://isotretinoin.skin/]accutane buy online usa[/url]
EyeBlono
[url=https://budesonide.trade/]otc budesonide[/url]
Richardruict
[url=https://augmentin.solutions/]amoxicillin 875 mg pill[/url]
Curtisfrity
[url=http://amoxicillinr.online/]amoxicillin cream[/url]
MaryBlono
[url=http://valacyclovir.party/]valtrex tablets 500mg price[/url]
MichaelriB
[url=http://acticin.skin/]acticin 250[/url]
WilliamTam
[url=https://alburol.online/]can i buy ventolin over the counter in nz[/url]
ElwoodKit
[url=https://indocina.online/]indocin tablets[/url]
SueBlono
[url=https://modafinilrn.online/]modafinil canada[/url]
MaryBlono
[url=http://effexor.foundation/]generic effexor cost[/url]
Samueltob
[url=http://effexor.foundation/]best effexor prices[/url]
Richardruict
[url=https://modafiniler.online/]modafinil 200mg tablets[/url]
Richardruict
[url=https://sildalis.pics/]sildalis india[/url]
AlanBlono
[url=https://cafergot.foundation/]cafergot medication[/url]
EyeBlono
[url=https://sildenafil.science/]real viagra from canada[/url]
Curtisfrity
[url=http://suhagrasildenafil.foundation/]suhagra 100mg online[/url]
MaryBlono
[url=http://tizanidine.party/]tizanidine 6 mg coupon[/url]
MichaelriB
[url=http://glucophage.charity/]can i buy metformin over the counter uk[/url]
kGkqvdPo
what color are viagra pills With that in mind, there are a lot of AC 262536 users out there
Curtisfrity
[url=https://stromectol.download/]cost of ivermectin cream[/url]
MaryBlono
[url=https://triamterene.science/]triamterene drug[/url]
Richardruict
[url=https://buspar.gives/]purchase buspar[/url]
Richardruict
[url=http://dutasteride.science/]generic for avodart 0.5 mg[/url]
MichaelriB
[url=http://promethazinephenergan.gives/]buy phenergan[/url]
AlanBlono
[url=http://abaclofen.com/]baclofen for sale[/url]
MaryBlono
[url=http://biaxina.charity/]biaxin 500 mg tablets[/url]
EyeBlono
[url=http://emoxicillin.online/]buy cheap amoxicillin[/url]
WilliamTam
[url=http://hydroxychloroquine.party/]plaquenil 800mg[/url]
Wwiaaa
buy generic tricor over the counter order tricor online tricor 160mg brand
Ouaxgs
buy cialis 20mg generic buy cialis 10mg sildenafil without a doctor’s prescription
Zyimmh
where can i buy minoxytop cialis 5mg cheap online ed meds
Awwxau
how to get precose without a prescription buy micronase generic order fulvicin 250mg
Aavdcb
cheap aspirin buy imiquimod paypal cheap zovirax
Nsodcs
buy dipyridamole for sale pravastatin online order pravachol 10mg without prescription
Eoypmk
buy generic melatonin aygestin pills buy danocrine medication
mqnHAu
Then, two authors FDG and GMB extracted data from the selected articles buy cialis and viagra online
Qzxybc
order generic duphaston 10mg buy dapagliflozin pills order jardiance 25mg
Vrjfpu
florinef brand aciphex 10mg without prescription buy imodium no prescription
Ijylpo
order monograph pills order monograph generic purchase pletal online
Sgcpnb
buy prasugrel online dramamine 50mg uk buy detrol 2mg pills
Sdrwcg
ferrous sulfate 100mg sale buy cheap generic betapace buy sotalol 40mg generic
Jlykex
order mestinon generic order pyridostigmine 60mg without prescription cheap maxalt 10mg
Davistew
[url=http://propecia.golf/]cheap finasteride 5mg[/url]
EyeBlono
[url=http://propecia.monster/]propecia otc[/url]
Qmkyke
enalapril 5mg canada vasotec order online lactulose bottless
JackBlono
[url=http://ivermectin.download/]ivermectin gel[/url]
Cvakxn
buy xalatan eye drop for sale purchase capecitabine sale exelon uk
Hpjqvb
purchase betahistine pill buy probenecid 500mg without prescription probalan brand
prescription drug prices comparison
no rx online pharmacy
Ztmmcz
buy omeprazole pill singulair 5mg drug metoprolol cheap
Dzumbb
premarin 600 mg sale sildenafil pills 25mg order viagra 100mg generic
Gnylpf
buy cialis generic viagra sildenafil 50mg viagra 50mg us
Gtsdtf
purchase telmisartan generic micardis for sale molnunat 200mg us
Josephhielo
[url=http://dexonadexamethasone.quest/]dexona 0.5 mg price[/url]
Mbjicl
cenforce pills aralen 250mg oral aralen 250mg uk
Jupgqj
order modafinil 100mg pills modafinil 100mg pills deltasone 5mg canada
Ggpsmb
cefdinir pill omnicef cheap lansoprazole for sale
Lpkeqe
order isotretinoin 10mg online cheap buy accutane 10mg without prescription order zithromax pill
Richardruict
[url=https://antibioticsop.com/minocin.html]minocin antibiotic[/url]
Mdnzay
atorvastatin 80mg drug buy amlodipine generic amlodipine 5mg generic
Driwoz
azipro 250mg over the counter generic omnacortil 5mg neurontin 800mg over the counter
Davistew
[url=http://onlinepharmacy.best/albuterol.html]ventolin hfa price[/url]
Ewmbkw
online blackjack free online gambling for real money oral lasix 40mg
Emsjhy
buy pantoprazole 40mg for sale where to buy phenazopyridine without a prescription buy phenazopyridine pill
Qvofrp
online casino real money purchase ventolin inhalator for sale where to buy ventolin without a prescription
EyeBlono
[url=https://anafranil.science/]anafranil 10 mg[/url]
Bonus veren siteler
Thank you for content. Area rugs and online home decor store. Hello Administ . Shellerim.org
Yylowx
free slots online poker stromectol 3 mg
Tlzcjw
order amantadine 100mg without prescription buy tenormin 100mg cost dapsone 100mg
Davidbow
[url=https://anafranil.science/]anafranil tablet[/url]
Rrdgzd
online roulette for real money synthroid tablet brand levoxyl
best online pharmacy without prescriptions
top mail order pharmacies in usa
Udvzdr
buy medrol 8 mg online buy medrol 8 mg triamcinolone 4mg usa
Ntdazd
how to get clomiphene without a prescription imdur online buy order imuran 25mg without prescription
price drugs
best online pharmacy without prescription
canadian drug store online
canadian mail order pharmacies
Sxkggw
order generic levitra digoxin 250mg pills tizanidine 2mg us
Fmdzyo
oral aceon allegra 180mg sale order allegra without prescription
canadian medicine
legitimate online pharmacy usa
Josephhielo
[url=https://paxil.download/]cost of paxil in canada[/url]
Kipkok
phenytoin 100mg for sale generic phenytoin 100mg order oxybutynin generic
Dnmguj
ozobax price order amitriptyline 50mg for sale buy ketorolac online
Mqejed
order claritin 10mg for sale order priligy 30mg online cheap dapoxetine 60mg price
Richardruict
[url=https://acyclov.online/]acyclovir coupon[/url]
Lunsoo
buy cheap ozobax where can i buy endep buy toradol for sale
reputable online canadian pharmacy
trusted canadian online pharmacy
Jgoabk
order amaryl 4mg without prescription misoprostol buy online arcoxia brand
Schofp
buy fosamax online cheap colchicine over the counter furadantin without prescription
Davistew
[url=https://modafinilhr.online/]purchase provigil[/url]
universal canadian pharmacy
top mail order pharmacies
Aypimc
buy generic inderal 10mg buy ibuprofen 400mg for sale clopidogrel order
Wraqha
order nortriptyline 25mg acetaminophen 500 mg drug where can i buy panadol
Davidbow
[url=https://phenergan.party/]buy phenergan 25mg[/url]
Dafrat
warfarin uk metoclopramide 10mg usa order reglan 10mg generic
Ltlaqj
purchase xenical online cheap xenical generic order diltiazem generic
EyeBlono
[url=http://lisinopil.online/]lisinopril 49 mg[/url]
Gunkrw
buy famotidine 40mg online cheap order generic tacrolimus cost prograf 5mg
Ahrnso
azelastine 10ml usa order astelin 10 ml without prescription avapro medication
Leejmu
nexium 20mg price order esomeprazole 40mg online cheap order topiramate 100mg sale
Imaqmk
order allopurinol generic buy crestor for sale buy rosuvastatin 10mg for sale
Dqsbbe
purchase sumatriptan pills order sumatriptan 25mg sale buy dutasteride online cheap
Nbueuj
buspin us buspar brand buy cordarone online
Stqnrm
ranitidine us buy ranitidine 300mg pill order celecoxib 100mg
Xojaki
how to get motilium without a prescription buy domperidone 10mg generic buy sumycin tablets
Ufzfim
buy tamsulosin for sale buy simvastatin sale order zocor 10mg
Hqngak
aldactone 25mg for sale finpecia order online finpecia online
Uuvlgl
paper help pay for essay mba essay service
hacklink satın al
Thank you great post. Hello Administ . Website: hacklink
Ihvwio
buy generic forcan for sale ampicillin online buy order cipro 1000mg pills
Otjmsb
sildenafil tablet buy aurogra generic yasmin oral
Rzmsso
buy metronidazole 200mg buy cheap generic metronidazole order keflex 500mg generic
Mqnbav
purchase lamictal without prescription minipress pill purchase vermox pill
Mkatzi
clindamycin sale cleocin 300mg generic fildena 50mg cost
Bzjqxc
cheap retin gel avanafil us buy avana
Sngbzy
buy tamoxifen 20mg for sale order betahistine generic symbicort ca
Zcvuit
tadacip 10mg cost buy generic tadacip 20mg purchase indomethacin generic
Obcxzj
buy axetil pills for sale order careprost for sale cost methocarbamol
Tfsauk
buy terbinafine 250mg sale buy lamisil 250mg sale online casino slots no download
Comments are closed.