Bank of America Merrill Lynch says this may be the most dovish Fed ever.
Federal Reserve Chairman Jerome Powell, during Wednesday’s post-decision press conference, tried to make the case there wasn’t about to be a big series of rate cuts.
OK then. Helen Thomas’s Blonde Money calls Powell “the worst communicator we have ever seen” and says one of Powell’s deputies—Vice Chair Richard Clarida, Governor Lael Brainard, or New York Fed President John Williams—is likely to come out and clarify the last mid-cycle adjustments were on the order of 75 basis points.
And in the stock market? The 1.1% drop in the S&P 500 SPX, -1.09% priced out a 25 basis point cut, in the broker’s view. UBS still sees the potential to rotate into some value cyclicals and out of expensive defense names, “particularly as further rate cuts may be shelved and factor valuations are near extremes,” the brokerage said. UBS also said emerging-market equities lose a tailwind.
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