On January 16, after the CPI report was released, Rick Rieder, chief investment officer of global fixed income at BlackRock, said that the progress of inflation “may be slow and uneven, at least because the economy faces huge uncertainty from changes in fiscal policy in the coming year.” Rieder believes that changes in tariffs and trade regimes “do have the potential to push up core commodity inflation for some time.”
Tina Adatia, head of fixed income client portfolio management at Goldman Sachs Asset Management, said in a report to clients that the CPI data strengthens the argument that the Fed will cut interest rates further, but “the Fed has the tolerance to remain patient.” Adatia said: “More good inflation data is needed to prompt the Fed to further ease monetary policy.”
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