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Sonal Desai, fixed income CIO at Franklin Templeton, discusses what Federal Reserve Chairman Kevin Warsh accomplished as the central bank raised interest rates for the first time in three years. "What I saw was just somebody who seems to be trying to bring us back to what I would consider a good, normal space," she tells “Bloomberg Surveillance.” (Source: Bloomberg)
The US Federal Reserve has raised its key interest rates for the first time in three years, as it seeks to bring down high inflation. The policy decision sets up a potential confrontation between Chairman Kevin Warsh and President Donald Trump, who has repeatedly called on the central bank to cut interest rates. Also in the show - France extends fuel subsidies as fishermens' protests gather momentum, and Hong Kong seeks to fall in line with Beijing's economic vision.
Bond traders are pricing in a Federal Reserve interest-rate hike Wednesday with a level of conviction that has proven right for decades. Interest-rate swaps tied to Fed meeting dates show traders see more than a 90% chance that Fed Chairman Kevin Warsh and his colleagues will lift the benchmark policy rate by a quarter point from the current 3.5%-3.75% range. That equates to roughly 23 basis points of tightening priced in. Kitty Richards Senior Fellow at the Groundwork Collaborative joined Balance of Power saying it will be difficult for the Fed to not raise rates. (Source: Bloomberg)
Why he might surprise us tomorrow.