Listen: Stocks vs bonds - who’s right?
Federal Reserve Chairman Jerome Powell explicitly warned that the US economic recovery will depend on the path of Covid-19, perhaps in an effort to tamp down buoyant equities, which are pricing in a very different outlook than the bond market. In this podcast, ING's Padhraic Garvey discusses this market disconnect and what more the Fed could do
The Federal Reserve left monetary policy on hold this week as expected but said the economic outlook is "extraordinarily uncertain," in what looked to be a shot across the bow to the ebullient stock market. The optimism priced into stocks stands in stark contrast to the much more negative sentiment reflected in the bond market, where Treasury yields are close to record lows. In this podcast, Padhraic Garvey, ING’s Regional Head of Research in the Americas, tells Senior Editor Rebecca Byrne which market has got it right and what more the Fed could do to support the recovery, following the sharpest drop in US GDP on record in the second quarter.
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