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Investment Event

Fed at the peak?
21 September 2023
    Download the full reportPDF, 799.49KB

    Key takeaways

    • The Federal Reserve left the federal funds target range unchanged at 5.25-5.50%
    • The FOMC’s projections indicate the possibility of one further hike this year and a relatively soft-landing for the economy expected next year, leading to modest rate cuts as inflation moderates further
    • We continue to argue for a defensive positioning in portfolios given restrictive monetary policy, tightening credit conditions and too- optimistic Federal Reserve and consensus GDP forecasts