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This week was all about central banks with monetary policy meetings around the globe. In the US, the Fed maintained the policy rate unchanged at 5.25%-5.50% as widely anticipated, but surprised hawkishly with higher median rate projections (dot plots). The median 'dots' were revised up by 50bp for both 2024 (to 5.1%) and 2025 (to 3.9%) which moved treasury yields higher. The higher projected policy rate was due to a large upward revision of the growth outlook for 2023 to 2.1% (from 1.0...

This week was all about central banks with monetary policy meetings around the globe. In the US, the Fed maintained the policy rate unchanged at 5.25%

In a week dominated by central bank meetings, the end result was a more hawkish impression despite inflation data for November generally surprising to