Chris Joye, inflation hawk, soars again:
The world’s most important central bank is on track for three rate hikes this year, and has started the unprecedented process of unwinding its asset purchasing program – or tapering “quantitative easing” – which is having a devastating impact on interest rate sensitive sectors.
While duration-loving financial markets and anyone long fixed-rate bonds has been reluctant to price in three Fed hikes, this has been our stubborn central case since the start of 2017.
