UBS: Walsh's Debut Signals Hawkish Stance, But Rate Hike Expectations May Be Overdone
On July 1, UBS noted in its latest report that the first monetary policy meeting under Federal Reserve Chairman Kevin Walsh sent clear hawkish signals, but the market's bets on rate hikes for the remainder of the year may be overly aggressive. UBS expects that the Federal Reserve is more likely to keep the federal funds rate unchanged at 3.50%-3.75% for the rest of the year and recommends that investors increase their allocation to short- and medium-duration high-quality bonds to lock in the currently high yields.
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