Last week, as expected, the Federal Reserve raised interest rates by 25 basis points. Fed Chairman Jerome Powell didn’t give any specific forward guidance, except to say they don’t expect to cut rates in 2023. Another important event last week came from Japan. The Bank of Japan signaled that it will exit yield curve control after many years to help address high inflation levels. The implication is that we will ultimately begin to see the level of government bond rates go up in that country. This could prompt Japanese investors—who currently own more than a trillion dollars of US Treasuries—to shift their focus to their own country if they begin to see higher yields in their own backyards.
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