Once-hyped announcements are not resonating with traders any more
Central bank policy announcements, once viewed as the rule book for how markets should move, are not resonating with traders any more.
Over in Europe, the European Central Bank delivered a hefty 50 bps hike on Thursday and promised more of the same for March and beyond. Fed chair Jerome Powell said on Wednesday that “I just don’t see us cutting rates this year.” ECB president Christine Lagarde said “we have more ground to cover and we are not done.”
“They have continued to sound quite hawkish but the market doesn’t really believe them,” said Sebastian Mackay, multi-asset fund manager at Invesco.Markets also price a scenario where major economies cool down just enough to prompt central banks to quit hiking rates, without plunging into dreadful recessions.
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