There is some nervousness the omicron variant, with its related mandates for workers and school closures, has stalled that stunning jobs recovery and may even have undone some of the gains.
“I think people recognise interest rates have to go up. People recognise inflation is more persistent; it’s not transitory. But conversely, or perversely, the Fed typically turns a bit dovish when there’s real geopolitical risk in the market,” Rellie said. Ukraine is the third-largest grain exporter in the world and Russia is responsible for 35 per cent of Europe’s natural gas. A war would further disrupt supply chains and feed through to energy and food inflation.“So it may be interesting to watch whether the Fed comes up a little softer on Wednesday than we expected,” Rellie said, “[The Fed] might even delay some of those interest rates or signal that they are potentially going to delay some of those interest rate rises.
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