Santander | It is one of the first headlines from last night’s FOMC minutes. Fed staff members go from assigning a near 50% probability, to now forecasting a mild recession.
With the Fed also nearing the end of the cycle, it is no surprise that some dissenting voices are beginning to appear, opening the door to new bouts of volatility that have not favoured the credit market (MOVE/Main correlation of 85% in 2022). Mary Daly (no vote this year) yesterday stated that there are good reasons both to continue raising rates but also not to do so given the possibility […]
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