Fed, stock market play dangerous cat and mouse | David Woo

The stock market was alarmed this week by the admission of the Fed chairman Jerome Powell that the “ultimate level” of interest rates will likely be higher than the Fed’s earlier estimates. For much of the past year, the Federal Reserve has been revising up their projection of how far interest rates have to climb. With easing supply chain shortage, what does the Fed see in the economic data that causes them to think that ever higher interest rates are warranted? How high will interest rates go and how high is too high for the stock market, the bond market and the dollar. The greatest irony of 2022: the market's fear of missing the Fed pivot trades is making Fed tightening less effective and increasing the risk of rates overshooting. The stock market is making a recession inevitable. A former top-ranked Wall Street global macro strategist tells it as it is. You may not agree with everything he says but he will make you reassess everything you thought you knew.

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