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The Monumental Mistake Of Raising Rates In September
The Monumental Mistake Of Raising Rates In September
Authored by Daniel Lacalle,
Three members of the Federal Open Market Committee voted to raise rates in July. However, the Committee held the federal funds target at 3.5%-3.75% by a 9-3 vote. Bank of America, Deutsche Bank, and J.P. Morgan all expect a September hike. Across the Atlantic, the European Central Bank raised rates by 25 basis points in June and is expected to raise them again in September.
It would be a monumental mistake. The diagnosis is wrong on both sides of the Atlantic. There...
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US Industrial Production Disappoints In May
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Despite strong ISM Manufacturing data, US Industrial Production disappointed in May, rising just 0.1% MoM (vs +0.3% exp), but April's print was revised up to +0.9% MoM. Put together, that lifted the YoY rise in industrial production to +1.67% - its highest since Nov 2025...
Manufacturing excluding motor vehicles and parts was also flat in May, according to the Fed report.
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