Hawkish Fed with higher rates for longer
Thursday 15th December 2022
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Markets weren\u2019t surprised by the FOMC raising rates by 50 basis points this morning \u2013 a unanimous decision by the board. But members are more divided on where to go next, with the Fed now predicting a median rate of 5.1 percent by the end of next year, even with talk of inflation having peaked. NAB\u2019s Gavin Friend says this rise in the dot plot is based on continued labour market tightness. It could be a different picture for the Bank of England later today, and the ECB where wage inflation is not such a concern. In a feverishly busy day we also get Australian employment numbers, NZ GDP, China\u2019s retail sales, industrial production and capex investment, and the Philly Fed\u2019s business outlook. It\u2019s the last gasp before Christmas!
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