At the start of the year, the bond market was anticipating something close to 175 basis points (bps) of policy rate cuts or seven different episodes of 25 bp cuts. To put that in perspective that would have required a rate cut at every meeting following the Fed meeting concluding on 31 January. In other words, the Fed was expected to have commenced cutting the policy rate in March.

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Stephen Miller

Stephen Miller is GSFM’s market strategist. His expertise in international economic and policy analysis, as well as domestic and global economic and financial market developments, has resulted in him becoming a regular commentator on central banks, rates and inflation.

Information provided is general information and is for educational purposes only, and does not include, or constitute as, financial product advice.