Partilhamos a análise de Salman Ahmed, Global Head of Macro and Strategic Asset Allocation da Fidelity International, após a reunião da Federal Open Market Committee (FOMC) e da decisão da FED de manter as taxas inalteradas.
"At the latest FOMC meeting, the Fed decided to keep rates unchanged as was widely expected. There was a focus on the recent increase in long-term bond yields, which various Fed members had indicated going into the meeting as a factor behind staying put. However, chair Powell continued to focus on two key questions, "are rates sufficiently restrictive?" and "is inflation still cooling?" indicating that the Fed's job here may not be fully done.
Lots will depend on data flow on both the labour and inflation front and chair Powell kept the option for further hike(s) open if the ongoing resilience in the economy alongside sticky inflation remains. There was a hawkish bias in the commentary but it’s also clear that the FOMC currently feels comfortable with the state of financial conditions which have tightened since the last meeting. This means the bar for additional hikes remains high, which is what the markets seem to be focussed on. However, it won’t take much for the Fed to change its stance here and go back to the dot plot if data flows continue to show strength in the coming weeks. We may be nearly done with hikes in this cycle, but the Fed is not yet ready to signal that."