Stephen Miller says the US Federal Reserve struck a more hawkish tone than markets expected, holding rates steady while signalling ongoing concern about stubborn inflation and reinforcing its commitment to price stability. While investors interpreted the Fed’s messaging as supportive of higher rates, Miller argues the future policy path remains far from certain, with Chair Warsh flagging a review of key Fed processes and suggesting markets should not place too much weight on current rate forecasts.

Read | Adviser Voice article

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.