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The Fed Finally Broke Something
3.16.23 - The Fed Finally Broke Something
Gold last traded at $1,919 an ounce. Silver at $21.70 an ounce.
The Fed Finally Broke Something - Daily Reckoning
It's often said that the Fed raises interest rates until something breaks. Well, something has broken.
The collapse of Silicon Valley Bank (SVB) has really thrown Jay Powell and the Fed for a loop.
Just last week, Powell issued some very hawkish testimony before Congress about the need to maintain an aggressive stance against inflation. Markets were even factoring in an 80% chance of a 0.50% rate hike at next week's FOMC meeting.
But what a difference a week can make.
Today, the market is giving zero chance of a 0.50% rate hike. Literally zero odds. The odds of a modest 0.25% rate hike are now 70%.
I agree with that prediction, incidentally. I believe the Fed will raise rates by 0.25%.
Let's not forget that the Fed itself is partly responsible for the SVB collapse (aside from terrible risk management by the bank itself).
