September Fed Meeting: The (Long) Wait For 2% Inflation Begins

Zooming in on the next 12 months, in particular, we think the Fed is all but certain to hold interest rates near zero and, contingent on positive vaccine news, we see potential for the 10-year Treasury yield to rise modestly to 1%—resulting in a modest steepening of the yield curve. If this view is correct, it could contribute to a rotation from longer-duration growth stocks to shorter-duration value stocks.

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Disclosures

These views are subject to change at any time based upon market or other conditions and are current as of the date at the top of the page.

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