UBS On-Air: Paul Donovan Daily Audio 'Rates rise as inflation rates fall'
The US Federal Reserve is expected to raise rates, slowing the pace of tightening to a quarter point. Fed Chair Powell’s chant of “hike, hike, hike” seems to be running on autopilot. The press conference still suffers from Powell’s June policy errors, when forward guidance was trashed. Markets have less reason to believe forward guidance, forcing the Fed to be ever more implausibly shrill in its statements about future policy.