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7 453
Docent: 제이피모건의 보고서 제목은 'Powell doesn’t fight the market', 해당 보고서 내용 중 통화정책회의 전 많은 이들이 의구심을 가졌던 금융환경지수에 대한 대목이 있음. 위험자산 등의 상승이 금리인상 기조가 여전한 가운데 펼쳐진 때문에 이를 불편해하지 않겠냐는 것이었음. 그러나 질의응답에서 현재의 금융환경지수가 상당히 완화적 상태라 보지 않았다는 것은 주목할 점임.
When asked about the recent easing in financial conditions, Powell didn’t seem too concerned. In fact, he didn’t think conditions changed much over the past six weeks and he continues to believe conditions have “tightened significantly” over the past year.
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Market Reaction: Markets are making it clear they’re not scared to fight central banks.
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Powell’s opening statement was less hawkish than after the last couple of meetings -- perhaps surprisingly so.
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Policymakers lifted the Fed’s target for its benchmark rate by a quarter percentage point to a range of 4.5% to 4.75%.
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Bottom-line: Green Start
US stocks rose after wage data added to evidence inflation is cooling as the FOMC met to discuss its rate tightening path. The S&P added to its monthly gain of more than 5%, while the Nasdaq was heading for a January advance of 10%.
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Labor costs have risen at least 1% for six straight quarters, extending what was already a record streak in data back to 1996.
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Market Reaction: 노동비용이 예상을 하회하며 시장은 임금과 고용의 수요 우위가 중앙은행으로 하여금 시장에 강한 메시지를 줄 것이란 우려를 완화시킴. 다만, 1%의 비용 증가 자체도 여전히 높아 금리 경로를 탈선시킬 파급은 아님.
US employment costs rose at a slower-than-expected pace in the closing months of 2022, but probably not enough to derail the Federal Reserve from raising interest rates further and keeping them higher for longer to reduce inflation.
