Info Bytes 11.03.22
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🧩 IN PIECES 🧩
Damaged condo beam ‘might support the entire building’? Miami Beach right to evacuate - Miami Herald 11/3/22
💰 MONETARY POLICY 💸
Following yet another 75bps hike, the Federal Funds target rate is now 3.75% to 4%. N.B. Yield curve inversion is still going strong.
Federal Reserve officials will maintain their resolutely hawkish stance next week, laying the groundwork for interest rates reaching 5% by March 2023, moves that seem likely to lead to a US and global recession, economists surveyed by Bloomberg said. Economists expect the Federal Open Market Committee to announce a 75-basis-point rate hike on Wednesday, to be followed by another half point in December, then by quarter points the following two meetings. Fed forecasts released at the September meeting showed rates reaching 4.4% this year and 4.6% next year, before cuts in 2024. - Bloomberg 10/28/22
Fed Hikes 75bps, Signals Slower Increases but Ultimately Higher Rates
“The question of when to moderate the pace of increases is now much less important than the question of how high to raise rates and how long to keep monetary policy restrictive… It is very premature to be thinking about pausing,” - FOMC Chair Jerome Powell. - WSJ 11/2/22
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