In December/January, that excuse came in the form of tightening financial conditions, which allowed for the patient pause in place today.

The Federal Reserve Open Market Committee left their target for overnight interest rate unchanged at a range of 2.25% to 2.50%, staying true to their and Jay Powell’s “patient” mantra. One underlying theme here is that the Federal Reserve seems to be looking for an excuse—any excuse—to ease monetary policy.

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Guy LeBas

Director, Custom Fixed Income Solutions

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