UBS On-Air: Paul Donovan Daily Audio 'Sense, at last'

The Federal Reserve left rates unchanged, but three rate cuts are forecast for 2024. It is as if Fed members finally read the UBS Year Ahead report. This is not really an easing of policy, however. Real interest rates will be kept more or less stable as US inflation falls, quantitative policy continues to tighten, and regulatory policy may also constrain activity.