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Who’re you going to consider, me or your individual eyes? The ghost of Chico Marx appears to dwell on amongst bond merchants, who proceed to doubt the Federal Reserve’s resolve to proceed its inflation battle into 2024.
Whereas the chances of another quarter-point enhance within the federal-funds goal on the Fed’s coverage assembly on Could 2-3 have turn into a close to lock, markets maintain pricing in fee reductions in 2023’s second half. That’s opposite to the perfect guesses of Fed Chairman Jerome Powell and his colleagues that the important thing coverage fee will finish the yr at 5.1%, which means no cuts after the Could hike.
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