“The ECB gave the Fed the opening to act more aggressively, but the FOMC just isn’t ready to take that step,” wrote Steven Blitz, chief economist at TS Lombard, in a Thursday research report.
“Powell has a split at the FOMC he has yet to bridge. There are those who believe the global situation risks slowing the US economy and unleashing disinflation versus those who view the world as background noise and focus on domestic variables as the key determinant of fed funds policy and see the US economy doing just fine, thank you,” he said.
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