It's Fed day. Given the challenging war-impacted inflation environment, it won't cost much for the Fed to adopt a hawkish tilt while remaining in a wait-and-see mode.
There will also be questions on the incoming Kevin Warsh and Powell's intention to stay-or-go. But likely to be swatted away. As it's really Jay's big day, his last as Chair.
Central banks’ current challenge is about managing expectations amid a geopolitical situation that remains very uncertain.
The Fed, the balance sheet and prognosis for Treasuries
Since the T-bills buying programme (re)commenced in mid-December, holdings of bills have risen to over US$425bn (from US$195bn). That has expanded the Fed's
