Fed’s no-rate-cut mantra rejected by markets seeing recession
Bloomberg/Liz McCormick and Craig Torres/1-11-2023
“‘The market thinks the Fed is playing without a playbook, since their forecasts have been wrong before and they’ve downplayed them in the past,’ said Marc Chandler, chief market strategist at Bannockburn Global, who’s been working in financial markets since 1986. Investors judge that the US is ‘headed for a recession, and that the Fed doesn’t quite yet get it.'”
USAGOLD note: Chandler describes a Wall Street attitude toward the Fed a far cry from what it was under the Greenspan and Bernanke chairmanships. In those days, Wall Street did not dare fight the Fed. Now, it is in full defiance.
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