Akane Otani

speaker

1,333 appearances 33 recordings 1 series first heard Aug 2017 last heard Mar 2023

Akane Otani’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Interest Rates: July Data Adds Confusion to Fed-Watching · 19 Jul 2019 podcast

So those three things sort of helped a lot of investors sort of feel that the economy didn't slow down as much as maybe some had feared in the second quarter.

And I think that's what's so interesting about the Fed.

I mean, it has sort of been one of the biggest themes driving the markets this year.

The fact that we've seen this giant pivot among global central banks from an environment where they were either raising rates or holding rates steady to now widespread lowering of rates.

And we already have started to see central banks in other countries cut rates sort of in anticipation of what the Fed is likely to do at the end of the month.

We did see bond yields start to pick up a little bit after falling below 2% in June.

And that's quite interesting because generally the story of this year in the bond market has been falling bond yields, or sorry, bond yields have been falling as investors have been pricing in the Fed lowering rates to respond to a slowing economy.

So the fact that we're seeing a bit of a reversal of that trend in the last couple of weeks suggests that actually the data point to some resilience that investors might have been missing.

We're not even seeing markets price in that possibility, interestingly enough.

I mean, if you look at federal funds futures, the bets are pretty much either on a 25 basis point cut or a 50 basis point cut.

And there's actually a 0% chance priced in right now that the Fed stands put.

So that would definitely be a big shock to markets.

And we could see some volatility there if that were the case.

Thanks for having me.

WSJ Your Money Briefing · Why Investors Feel Glum Even as Markets Flirt With Records · 25 Jun 2019 podcast

And it would probably be a pretty common question to ask at this point. voice-verified

I mean, the surveys that we look at are indicating that both among individuals and professional money managers, sentiment is pretty bad at the moment. voice-verified

So one survey that we follow, the American Association of Individual Investors, finds that the share of individuals who believe the stock market's going to rise over the next six months has held below 30% for six consecutive weeks, which is actually the longest streak since the lead up to the 2016 elections. voice-verified

Yeah, and I think that's the sort of unsettling dynamic that investors are grappling with at the moment. voice-verified

I mean, on the one hand, it seems like markets are responding logically to the challenges that we've all been facing the last couple of months. voice-verified

But on the other hand, even with stocks at all-time highs, there are a number of uncertainties that are still lingering. voice-verified

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