Investors are counting on Jay Powell to save them

Financial Times/Gillian Tett

“This week, I asked a flock of financiers at a New York conference to predict the direction of American interest rates. The results were clear-cut . . [T]hree-quarters of the group expected two or three rate cuts over the next year. Wall Street, in other words, thinks the interest rate cycle has turned — with a vengeance.”

USAGOLD note:   Some direct evidence of Wall Street’s attitude on rates from Gillian Tett.  This supplements our post yesterday on rates with reference to the thinking of the New York Fed’s Williams (please scroll).  She ends with a few well-chosen words of warning on the ‘Greenspan put’ which has become in today’s parlance the ‘Fed put.’

Repost from 6-6-2019

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