Fed waxes hawkish, short squeeze continues
Saxo Market Call
Summary: The Fed hiked 25 basis points as expected, but guided fairly hawkish, especially on its dot plot of forecasts for 2023 and in signaling that QT could be set to begin as soon as the May meeting, and at a pace that would be faster than the previous tightening in 2017-19. While equities somehow squeezed higher, we remain very cautious. We also look at falling wheat prices, the gold rebound attempt, FX reaction to the FOMC, key equity stories including FedEx earnings up today and more. Today's pod features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.
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