Goldman Sachs on the fallout from the hawkish FOMC minutes
Price action post the release of April’s hawkish FOMC minutes last Wednesday, however, does suggest that , which is understandable given the large gap between the market’s and Fed’s path for the funds rate. While the market has substantially repriced an increased probability of a Fed funds hike in the upcoming meetings, there is a still a significant distance to be covered for it to be in sync with the Fed’s dot-plot for the rest of 2016. This implies that and it is highly likely that a rate ‘shock’ emanating in the US would also impact the term structures in other G-4 markets.
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