As U.S. stocks head for their biggest daily drop in more than two months, equities looked like the last asset class to give up on the notion of a looming...
As U.S. stocks head for their biggest daily drop in more than two months, it appears equities were the last asset class to accept the notion that the Federal Reserve likely won’t be pivoting to a less aggressive monetary policy stance soon.
Judging solely by movements in yields and exchange rates, it seems like bonds, gold and the dollar all days ago started pricing in the idea that the Fed funds rate would remain higher for longer. By comparison, the Treasury yield curve barely budged on Friday, while the U.S. dollar moved just 0.3%. Many economists and market analysts anticipated that Powell would seek to discredit the notion of a Fed pivot after the stock market latched on to a dovish interpretation of Powell’s remarks during the Fed’s post-meeting press conference in July.
When asked about this apparent discrepancy in markets, Brad Conger, deputy chief investment officer at Hirtle, Callaghan & Co., commented that this kind of disconnect is unusual, although it does sometimes happen.
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