Bond investors are betting that US interest rates will remain near historic lows following mixed signals from the Federal Reserve, highlighting a persistent gulf in expectations between the central bank and markets.
A day after the Fed dropped its pledge to be “patient” over lifting rates, traders were betting that its key interest rate would be just 1.80 per cent by the end of 2017. Market rates rose yesterday but investors’ forecasts are still well below the Fed’s own projections.
Tad Rivelle, chief investment officer for fixed income at TCW, said that the Fed was giving out conflicting messages on rates, describing its signalling as similar to a “Michael Jackson moonwalk”.
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