BNY Mellon Expects One More Rate Hike from the Fed in December

John Velis, a macro strategist at BNY Mellon, stated in a report that the Federal Reserve is expected to raise interest rates once more in December, but he is skeptical about whether the Fed can implement the same number of hikes by 2027. He pointed out that the answer depends on the effectiveness of tightening policies under the current inflation shock. The situation in the Middle East significantly impacts the policy outlook, and visibility is low. A de-escalation of tensions and a drop in oil prices could change the considerations for the market and the Fed, but relying on a situation that may worsen before improving is not a long-term strategy.

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