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vendredi 22 septembre 2023
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The Fed: Higher rates for longer
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By Gonzalo de Cadenas-Santiago, Executive Director at MAPFRE Economics, part of MAPFRE
Last Wednesday, the Fed decided to keep rates unchanged, maintaining the range at 5.25% -5.50%, in line with expectations, while also not presenting any new developments for reducing its holdings. In keeping with the decision, a new macro scenario of upward activity, deceleration of inflation and improved employment data was presented. However, the main focus, rather than updating forecasts, was on the rigidity of medium-term rates and the consideration of a neutral interest rate that is now estimated to be higher. With this narrative, the Fed is strengthening the main message of higher rates for longer, although with the first component it’s sketching out the first...
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