It was a busy week in DC with the Fed moving rates up 25 bps and the White House meeting between Biden and McCarthy.

The Fed’s move to increase rates by 25 bps was widely expected. It once again demonstrates that under Chair Powell the Fed is going to telegraph policy and not surprise markets. Both the official Fed statement and the Chair’s press conference combined hawkish sentiments on pushing towards the 2% inflation goal with comments about the need to be data-driven in future policy decisions.

As Tom Lee pointed out in his post-meeting note, Chair Powell used the word “disinflation” 13 times in his post-meeting presser. The next FOMC meeting isn’t until March 20-21, and this will allow the Fed to look at the key reports for both January and February. There will be a great deal of “Fed speak” between now and the next meeting, and I expect the Chair and his team to maintain their policy of alerting markets as their thinking evolves and new data comes in.

Debt Ceiling

President Biden and Speaker McCarthy had their first face-to-face meeting this past week since Republicans captured control of the House. Few Presidents have the legislative experience that President Biden brings to the job, and I think this was reflected in the well-orchestrated meeting...
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