Time to smell the coffee: the Fed tightening cycle has begun

Today's slide deck: https://bit.ly/3vwcW3y   -

Markets were surprised at the scale of the adjustment to the Fed policy forecasts in yesterday's FOMC meeting and treasury yields backed up steeply, spooking risk sentiment and taking equities lower, gold sharply lower and sending the USD spiking sharply to the upside. We look at the effect of this meeting across the fixed income space, also in Europe, and whether the move sticks, the implications for equities, which seem slow to accept what is going on here, and interesting signals from US homebuilder Lennar on its pricing power. On today's pod were Althea Spinozzi on fixed income, Peter Garnry on equities and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic