How stock-market investors should trade what could be a historic Fed dissent on Wednesday
Dissents unlikely to signal policy shift amid speculation over Fed succession
How stock-market investors should trade what could be a historic Fed dissent on Wednesday
Under normal circumstances, dissents for a rate cut would signal a dovish shift. But current dynamics make that unlikely to move markets, said Tom Essaye, editor of Sevens Report Research.
“Don’t believe any reporting that implies the dissents are a dovish surprise or make a September rate cut more likely,” Essaye wrote Tuesday. “It won’t be a surprise and they won’t make a September cut more likely.”
Essaye notes that any dissents from Waller or Bowman would be seen as political positioning, not monetary policy pivots—particularly as both are viewed as potential successors to Chair Jerome Powell, whose term ends in May.
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