Traders in global financial markets are facing extraordinary uncertainty as they await the U.S. Federal Reserve's expected rate cut on Wednesday, setting up ...
Federal Reserve Chair Jerome Powell interest rate announcement on the trading floor at New York Stock Exchange in New York CityNEW YORK - Traders in global financial markets are facing extraordinary uncertainty as they await the U.S. Federal Reserve 's expected rate cut on Wednesday, setting up markets for a burst of volatility.
"It's very rare that you have the market divided on a Fed action 24 hours before the event," George Bory, chief investment strategist for fixed income at Allspring, said. "No one's quite sure ... people have landed on different estimates, guesstimates if you will, and right about half of those people are going to be wrong," said Matt Weller, head of market research at StoneX."So they're going to have to adjust their positions ... One way or another, we could see pretty big moves in the market," Weller said.
Traders, who currently expect about 120 bps worth of cuts by year-end may also have to recalibrate their thinking if the Fed decision and Fed Chair Jerome Powell's accompanying commentary shakes their confidence in aggressive rate cuts. Glen Capelo, managing director of fixed income at Mischler Financial Group, expects heightened interest rate volatility following the Fed’s decision due to the market overextending itself.
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