PremiumThe real story yesterday wasn’t the decision but the press conference, according to Goldman Sachs one-delta desk-head, Rich Privorotsky.The FOMC held rates unchanged, but the long end became somewhat unhinged, with 30yr yields pushing to new highs and the curve undergoing a sharp steepening.Long End
"Implications For Risk Are Not Supportive": Goldman's One-Delta Desk On Warsh & Fed Cred
If you remove forward guidance while simultaneously obscuring the methodology, credibility can deteriorate rather than improve...
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