The Fed Holds Rates Again — and the Market Cares More About the Words
The Federal Reserve left its benchmark rate unchanged for a fourth straight meeting. As usual, the decision was the boring part; the forward guidance moved markets.
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The Federal Reserve left its benchmark rate unchanged for a fourth straight meeting. As usual, the decision was the boring part; the forward guidance moved markets.
When short-term Treasury yields rise above long-term yields, markets call it an inversion. Here is what it actually measures, why it spooks investors, and why it is not a crystal ball.