Discussion
Last night I wrote about how the Fed is laying the groundwork to hold Fed Funds at 525-550 for all of 2024 (if not restarting hikes at the December FOMC meeting).
This morning Apollo’s Slok climbed aboard, projecting no rate cuts as a result of a reaccelerating US economy and sticky inflation. Look for Team Transitory Captain Goldman Sachs to be the last to climb aboard, as they’re still in the process of pushing out rate cuts datapoint by datapoint, just this morning pushing out its estimate of the first ECB cut from April to June 🙄. (Goldman now has the Fed and ECB making the first cut in the same month. Nonsense.)