Rate cuts potentially off the table for 2023

Quick Take

• The fed funds rate now implies that rate cuts are off the table for 2023 and are expected to remain higher for a longer time frame in the year.
• As the year progresses, rate hikes are expected to continue, while rates are expected to hold steady in the second half of 2023.
• A solid improvement in yesterday’s U.S. PMIs reinforced the need for further policy tightening, particularly with inflation slowing less than expected in the U.S.
• The S&P composite PMI jumped out of contraction on an absolute basis, showing significant improvement.

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