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Another 75bp Fed hike

The Federal Reserve raised the federal funds target range by 75bp to 2.25-2.50 per cent
28 July 2022
    Download the full reportPDF, 1.14MB

    Key takeaways

    • The Federal Reserve raised the federal funds target range by 75bp to 2.25-2.50 per cent
    • High inflation remains the primary concern of the Fed, with Chair Powell acknowledging that returning inflation to target is likely to involve a period of below-trend growth and some softening in the labour market
    • Despite the improvement in valuations we think a cautious asset allocation makes sense at this point, given the emergence of meaningful recession risks amid stubborn inflation and rapid policy tightening