FOMC and BOE Meet As Investors are Not Persuaded that Efforts to Contain the Financial Crisis are Sufficient

It was widely understood that the Federal Reserve would raise rates until one of three things took place: inflation was clearly on course to return to the target, the labor market would weaken precipitously, or systemic stress threatened. At the same time, the shocks we have had to cope with, Covid, supply chains, and Russia’s invasion of Ukraine were commonly cited, and the. The re-pricing of assets as interest rates began normalizing may have been under-appreciated. In addition, stress was seen in household debt delinquency figures like auto loans. It was also recognized that banks had not passed the higher

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