The Fed is going to pivot in 3 stages, author Nomi Prins says
The U.S. Federal Reserve could be forced to pivot away from its path of aggressive interest rate hikes in three stages, according to author Nomi Prins.
Markets expect the central bank to enact a third consecutive 75 basis point hike at its monetary policy meeting later this month, the fastest pace of monetary tightening since policymakers began using the benchmark Fed funds rate as the principal policy tool in the early 1990s.
Various Fed officials have reiterated the Federal Open Market Committee’s commitment in recent weeks to reining in inflation, but Prins told CNBC Tuesday that the acceleration of interest rate hikes to soothe the markets was disconnected from the economic reality faced by many.
– Elliot Smith
Ocado shares fall after sales warning as cost-of-living pressures bite
Ocado delivery vans in London on Jan. 21, 2022.
Mike Kemp | In Pictures | Getty Images
British grocery delivery firm Ocado led early European equity losses after forecasting a small drop in sales for 2022 and “close to break-even” earnings.
The company slid 13.05% in the first hour of trading. It said customers were choosing cheaper products and sizing down their baskets as the U.K. faces intense a sharp rise in living costs and many workers return to the office.
“As a result, the value of the average basket was down by 6% in the period, to £116, with a greater decline experienced later in the quarter during the peak summer holiday…
