Investors are preparing for a longer period of high interest rates than expected after the US central bank chair delivered his most hawkish speech to date, vowing to ensure elevated prices do not become entrenched.
Jay Powell on Friday put an end to any hopes that the Federal Reserve would step back from its dramatic tightening of monetary policy anytime soon, as he reaffirmed his “unconditional” commitment to tackling high inflation.
“The theory of a dovish pivot has been squashed,” said Brian Kennedy, a portfolio manager with Loomis Sayles. “Powell is a creature of history and to me this is further confirmation that the Fed does not believe inflation is rolling over and going back to 2 per cent.”
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