Citi Trader Who Nailed Fed Rate-Cut Call Comes Away Disappointed [BNN Bloomberg (Canada)]
Citigroup, Inc. (C)
Last citigroup, inc. earnings: 4/15 08:00 am
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Source: BNN Bloomberg
Sure, the Fed opted for the half-point reduction that Singal, the global head of short-term interest rate trading at Citigroup Inc., boldly predicted a couple weeks ago. But the cautious tone from Chair Jerome Powell and the rest of the board left him re-thinking the trading desk's bet that there'll be more of those big cuts to come. “This was a fairly hawkish 50 basis point cut,” Singal said in an interview. “All-in-all the Fed is probably happy with that outcome, it wasn't perceived as too much easing, but the negative aspect of that is the market is confused.” Treasuries reversed course shortly after the Fed's initial announcement Wednesday to close lower across the curve, while the S&P 500 swung from gains to losses, and a Bloomberg gauge of the dollar finished the US session higher. His disappointment, in many ways, mirrors the broader market's sentiment. The Fed's projections — known as the dot plot — show only a narrow majority favor lowering rates by at least an addit
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