Global Daily: The Fed Put and the Fed Putz

With the much-vaunted ‘Fed Put’ under discussion --is it still there, and if not, how can markets do their job without knowing they will get bailed out for egregious errors of judgement?-- the Fed’s March meeting was closely watched: see Phil Marey’s take, ‘Inertia’. As expected, the Fed did nothing: except lower growth and raise inflation expectations; move closer to suggesting no cuts this year; and still see everything reverting to mean in 2027 (“because neoclassical economics”, which has no home in the White House). In short, they are in wait-and-see mode.