JPM’s Michele Says Fed Passed on Which Mandate to Prioritize

The Federal Reserve has “taken a pass” on having to determine which of the two mandates they place greater value on, JPMorgan’s Global Head of Fixed Income Bob Michele says on Bloomberg TV after the Fed rate decision.

• Michele notes that the Fed mentioned that the risk of higher inflation and higher unemployment have risen
• Deutsche Bank’s Chief US Economist Matthew Luzzetti says he is substantially lowering the probability of a rate cut in June and sees the Fed first cutting in December
• Former Fed Vice Chairman Rich Clarida said that markets are already pricing in a 40%-50% chance of ...