Monthly Market Insights

A monthly review of developments in the economy and markets by Paresh Upadhyaya, Director of Currency Strategy, US. Each month Paresh focuses on macroeconomic issues reflected in the thinking and conversations of Amundi Pioneer investment professionals.

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05/05/2022 Investment Talks

May FOMC Meeting: 50bp Interest Rate Hike is Bullish for Markets

Fed Chair Powell stated the need for a 50bp rate hike at the next couple of meetings. Powell's comments on rate hikes suggest the Fed remains comfortable with market pricing at this point, and will be even more data-dependent going forward. While there was little reaction in the financial markets following the release of the FOMC statement, after the press conference, which was not as hawkish as market expectations, there was a strong rally in risk assets.

07/28/2022 Global Investment Views, Equity, Fixed income

Cautious on Markets: High Inflation, Slowing Growth

The double bear markets (in equities and long-term bonds) have nearly adjusted to the end of easy money and the ongoing rising inflation. We are shifting focus from fears of inflation to the deceleration of growth. Earnings expectations have room to go down, and the dollar rally could continue.

photo of federal reserve, blue sky behind

07/28/2022 Investment Talks

July FOMC Meeting: Maintaining a Hawkish Course

In a widely expected move, the US Federal Reserve hiked the fed funds rate by 75bp to 2.25-2.50%, its second consecutive 75bp rate hike. The fed funds rate is within the 2 to 3% range of estimates of the long-term “neutral” rate. However, as Chair Powell reminded us during his press conference, policy needs to go beyond neutral into restrictive territory this year in order to reduce inflation.

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