A Moment in Macro

Global macro and market views

ECB Holds Steady as Lagarde Heads for the Exit

The European Central Bank (ECB) held rates steady a day after the Fed did the same. The bigger news may be ECB President Christine Lagarde stepping down in February.

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Fiscal Restraint in UK Budget Wins Over Gilt Investors, for Now

What I see as a 'starter budget’ appears to have won the confidence of bond investors by showing fiscal restraint, even as it holds back on the Prime Minister’s larger ambitions.

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Fed Pauses, but Warsh Risks Becoming a Paper Tiger

The Fed held rates steady at its October meeting, but unlike September’s decision, this vote was not unanimous.

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Inflation Heats Up, Stagflation Risk Rises

Another hot inflation print in September likely adds to the squeeze on American households and complicates the picture for the Federal Reserve.

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Weak Hiring Fuels Stagflation Worries

The US economy added just 29,000 jobs in September, well short expectations.

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Trends Matter, So Does Fed Credibility

The Fed raised rates for the first time in three years in unanimous vote.

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How Long Can the Fed Watchfully Think?

The Fed leaves rates unchanged but unlike last month’s decision, this one was not unanimous.

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Warsh Opens ‘New Chapter’ for Fed

Kevin Warsh just chaired his first Fed meeting. The upshot: rising inflation has put rate hikes back on the agenda.

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