HomeInsightMarket Economy
Goldman: Don't expect Fed rate cuts in 2023
15 Dec 2022
高盛 (Goldman Sachs) 的团队警告说,如果你是一个坚定的股市多头,希望在 2023 年美联储降息的幽灵点燃一场激烈的反弹,你可能需要重新调整这种想法。
"We are doubtful that the inflation path that we forecast for next year would be enough to provide that confidence [in a rate cut]," Goldman Chief Economist Jan Hatzius wrote in a note out Thursday.
The Fed surprised market watchers on Wednesday in two ways after lifting interest by 50 basis points, bringing the benchmark interest rate to the highest level since 2007.
First, the Fed's economic forecasts now show officials seeing rates peaking at 5.1% in 2023. That's an extra 50 basis points higher than predicted back in September.
Second, Fed chief Jerome Powell sounded a touch more hawkish on the path of policy than some expected. Chatter had been growing that the Fed would only lift rates by 25 basis points at its February 2023 meeting amid a cooling in the Consumer Price Index (CPI) and slowing job market growth.
Powell essentially shut down that talk, putting stocks under pressure into Wednesday's close as well as early action on Thursday.
"The inflation data received so far for October and November show a welcome reduction in the monthly pace of price increases," Powell told reporters at a post Fed decision conference. "But it will take substantially more evidence to give confidence that inflation is on a sustained downward path."
Goldman's Hatzius is modeling for three additional 25 basis point rate hikes in February, March, and May. The interest rate peak for this cycle, Hatzius surmised, is 5% to 5.25%.
Explore More Research
LEHMAN Capital
LEHMAN Capital brings together world-leading data solutions to power the most ambitious companies and professionals.
Need help? Contact us
+61 (0) 383 766 284
Level 13,2 Elizabeth St,Melbourne,
Victoria 3000, Australia
Copyright © 2021 LEHMAN Capital | All Rights Reserved |Powered by LEHMAN Capital   | Privacy Statement  |Disclaimer Statement   | Cookie Policy
We use cookies to personalize content and ads and to analyze our traffic. Please click here for our Cookie Policy and for more information on what kinds of cookies we use. We also share information about your use of our site with our advertising and analytics partners. Click here for our Privacy Policy.
If you decline to the use of cookies, your information will not be tracked when you visit this website. Only a single cookie will be used in your browser to remember your preference not to be tracked.