UBS On-Air: Paul Donovan Daily Audio 'Economies on course for a softish landing'

The last month of 2023 was marked by equity and bond rallies. The economic outlook did not really change, but the language of Federal Reserve Chair Powell did. Because Powell’s past policy errors comprehensively trashed forward guidance, investors can choose which guidance they wish to follow. Other Fed members trying to dilute the reaction to Powell have been ignored.