The Fed has to balance full employment and stable prices. Today we got the signal that the latter rather than the former is now set to take centre stage. This is significant, to say the least when market values are bloated thanks to money printing, and inflation fears are rife – despite the unknowable impact of Omicron. This is significant for the US and global markets, as well as our own.
Federal Reserve Chair Jerome Powell comments on Tuesday before the Senate Banking Committee, where both Democrats and Republicans expressed concerns about high prices, were taken as a hawkish pivot by financial markets that could deliver sooner-than-expected increases in interest rates next year.
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