Fast Take
- The outlook from markets has fully modified prior to now few weeks resulting from banking failures within the US and EU.
- The market is now pricing in no extra charge hikes however substantial cuts, ending 2023 round 3.75-4%.
- 4 cuts are priced into the remainder of the yr, whereas the market suggests a higher than 90% probability the Fed is finished elevating charges.
- The fed stability sheet has grown for the previous two consecutive weeks; roughly $100 billion was added to the stability sheet this week.
- Whereas two-thirds of quantitative tightening have been undone in a matter of weeks.
- That is the third largest % change to the fed stability sheet, solely being overwhelmed by covid and 2008.
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