Big falls in shares ahead of a dovish Fed - a podcast by Phil Dobbie

Thursday 28th January 2021

The markets have so far been unmoved by the DOFMC announcement, perhaps because it said so little. No move in rates or QE and a reliance on vaccine news before taking further steps, but NAB’s Rodrigo Catril suggests the Fed will be on standby to do more if necessary. There has been a bevy of bad news from Europe, with German consumer confidence well down, rising concerns about the impact of a lower US dollar, slow vaccine deployment and now, a feud with the manufacturer over delivery timelines. One ECB member also suggested that the market was underestimating the potential for the bank to lower rates further.

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