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In today’s episode, MUFG Head of U.S. Macro Strategy George Goncalves provides his view on the upcoming and last FOMC meeting of 2021. As our title suggests, the Fed could be heading into a Catch-22 in 2022, where the challenge now is that financial conditions and market sentiment linked to it are so intertwined with the Fed’s balance-sheet. Thus as the Fed tapers faster and pulls forward hikes in 2022, the give and take between rates and financial conditions more broadly will likely dictate how far and how high the Fed can lift rates before materially impacting markets to the downside.
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