Greg Peters

speaker

64 appearances 1 recordings 1 series first heard Dec 2018 last heard Dec 2018

Greg Peters’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Special Fed Coverage: How Investors Should Read a Rate Hike · 19 Dec 2018 podcast

I thought the message on Wednesday was really quite confusing as some of the information out of the statement, from the dot plot, from the press conference really created more confusion than any clarity.

And the markets have responded in kind.

I think it's very difficult to interpret what the Fed is really trying to portray.

However, I do think it is a message of they'll continue to try to raise rates.

So they have taken it down from three to two on a median in 2019.

Keep in mind that they added a rate hike after the tax cut and the fiscal spending.

So they really just reversed that.

This time around.

And so the markets were really looking for more.

At the same time, the long term dots.

So whereas Fed funds would out the long term, they also reduce that, which is positive.

And so there's some positive elements and there's some negative elements or not so positive elements.

And I think that is creating a lot of interpretation confusion from a market standpoint.

Well, you know, the whole notion of a dovish hike is akin to jumbo shrimp.

It just doesn't make a lot of sense.

And so I think to try to thread that needle is just inherently really difficult.

And so I think we're set up somewhat for the impossible.

And so I'm not surprised that the markets had a hard time interpreting because, quite frankly, it was almost impossible to interpret in the first place.

So I think the big difference year over year is risk-reward.

And so on one side of the aisle, you have the reward much higher than where we started this time last year, particularly on the credit portfolios.

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