Has the Fed finished tightening after 1 hike?

Pendal Group

Pendal Group

The Federal Reserve managed to out-dove the markets yet again in September and now view interest rates as only ‘moderately accommodating’. Given how quickly their estimates of the neutral rate are falling they may well have completed the tightening cycle after only 1 hike. The clear message from the three major central banks was the limit to which monetary policy could be relied upon to drive growth. It seems everyone in power is doing their best to perpetuate this state of denial. World debt-to-GDP has again reached new highs, with governments driving the borrowing via directly running fiscal deficits or by promoting growth in debt elsewhere through policy. Central banks are doing their bit to avoid the admission of a lower level of trend growth and inflation by essentially ‘fixing’ prices in bond, credit and equity markets. Read Vimal Gor’s latest thoughts in his Income & Fixed Interest Newsletter: (VIEW LINK)


At Pendal Group, our vision is to combine the benefits of our strong institutional foundation and performance-focused culture with a multi-boutique specialist investment approach. We believe this approach firmly positions Pendal to achieve...

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.