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Hoping for a Central-Bank Pivot? Forget the Fed and Look South
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Wall Street is currently obsessed with guessing when the Federal Reserve will stop raising interest rates. Rather than waiting for this much-discussed “pivot” in the U.S., however, investors may be better served by scouting out emerging markets first, especially Latin America.
The stock-market rally that started earlier this month with a soft U.S. inflation figure has started to fade, as recent statements by officials cast doubt on the idea that the end of aggressive monetary tightening is nigh. Last week, Federal Reserve Bank of St. Louis President James Bullard said rates would likely need to be set between 5% and 7%.
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