Fed minutes offered zero sign of dovishness - and higher interest rates are a 'silent killer' to US economic growth, Bleakley CIO says
"It seems like the Fed is at least intent on going one more time. I say one more time, because I think this is one more time too much and I find it hard to believe that they're going to go past this because of the restrictive nature of where we are today," he added.
The central bank has already raised interest rates by 500 basis points since March 2022, from near-zero levels to upward of 5%, in a bid to cool high inflation. Its efforts have had some degree of success, with the annual rate of consumer-price increases falling to 4% in May from levels above 9% last summer.
However, the effects of the aggressive rate increases have weighed heavily on the US economy, with key sectors including the banking and commercial real estate coming under increased stress. "This is a silent killer, in my opinion, to economic growth that we don't see headline-nature wise but on a cumulative perspective, it's happening over the next couple quarters, over the next years if rates stay at this level for a while," Boockvar said.
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