Two central banks – two policies for the same target
Report Date: 4th May, 2023 The Fed and the ECB both raised their policy rates by 25bp. The Fed has paused. The ECB has not. So there will be high interest rates for longer in the case of the Fed and even higher rates to come for longer still in the case of the ECB. This will weigh on equity markets. The USD is likely to continue to decline gradually in TWI terms.
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