Big falls in shares ahead of a dovish Fed

Thursday 28th January 2021The markets have so far been unmoved by the DOFMC announcement, perhaps because it said so little. No move in rates or QE and a reliance on vaccine news before taking further steps, but NAB’s Rodrigo Catril suggests the Fed will be on standby to do more if necessary. There has been a bevy of bad news from Europe, with German consumer confidence well down, rising concerns about the impact of a lower US dollar, slow vaccine deployment and now, a feud with the manufacturer over delivery timelines. One ECB member also suggested that the market was underestimating the potential for the bank to lower rates further.

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