Jerome Powell made an interesting comment at the press conference that suggests the Fed hikes will continue for some time.
Scott Peng, the founder and chief investment officer of New York investment manager Advocate Capital Management, has been out in front of the collapse of the bond market.
In Jan. 2021, Citi’s former chief interest-rate strategist forecast the 10-year U.S. Treasury yield TMUBMUSD10Y to reach 2.5% in 12 months — it took about 15 months to get there. More recently, he said in December that interest rate sensitive asset classes would struggle, identifying technology stocks NDX , high yield bonds JNK , emerging markets and real estate, all of which have dropped sharply.
Peng points out that Federal Reserve Chair Jerome Powell made an interesting comment during the press conference on Wednesday, that the Fed’s tools don’t work on supply shocks but rather demand. “It may require considerably more hikes than the market has experienced in recent years before the Fed can get ahead of this bout of supply-shock-driven inflation,” Peng says.
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