Morgan Stanley CEO James Gorman said on Tuesday that the US Federal Reserve (Fed) should stay on track for a series of interest rate hikes this year even though the war between Russia and Ukraine has triggered geopolitical and economic risks.
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“Rates have to be raised, but they don’t want to put the economy in a recession.”
“If you tip the economy into recession, you get stagflation and that’s really bad..”
“He met with Powell days before leaving for Australia. He believed that the central bank had planned to launch its tightening with a 50 basis point hike, but recent events had curtailed that ambition.“.
“That was absolutely fixed and they won’t do it now.”
“I’d be surprised if they did because you can’t launch aggressiveness on top of uncertainty.”
“My current thinking is that the Fed will raise rates very methodically now.”
“The worst that can happen is that the war recedes and the world goes back to normal, now that inflation is on the rise and the Fed hasn’t done enough..”
Source: Fx Street
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