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- Rates expected to remain steady for longer, suggests Fed Chairman
Rates expected to remain steady for longer, suggests Fed Chairman
Bay Area Times
October 20, 2023
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Top stories today:
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0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 close (4 PM ET / 1 PM PT).
All times are ET.
1. Rates expected to remain steady for longer, suggests Fed Chair
Jay Powell again said the Fed “could” tighten rates further, rather than “would”, repeating phrasing used in August. - Axios
Could have done less stimulus: “With the benefit of hindsight, could we have done a little bit less and had a little bit of inflation? I guess we could.”
The path of U.S. debt is unsustainable, but not the current level, argued Powell.
Markets now price in 98% chance of no rate change in November, with 50 bps of cuts in 2024
2. FTX's former general counsel: SBF wanted “legal justifications” for $7B hole
Sun proposed 3 “theoretical arguments,” but “there were no legal justifications for funds missing, testified Can Sun. - Techcrunch
The trial is on break until Oct. 26, when the defense's team may start presenting their case, which can include putting SBF on the stand. - TIME
Both parties have submitted jury instruction requests. - The Block
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