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詳情:https://www.gate.com/announcements/article/50291
Wall Street is now divided into two camps: one side sees oil prices breaking the hundred-dollar mark and inflation picking up, cutting rate cut expectations from two times to just one, pushing it back to December. The other side is Morgan Stanley, stubbornly sticking to their guns: first cut in June, then another in September.
Who's right? Morgan Stanley's chief economist Gapen's logic is compelling: oil prices at 90-100 dollars, the economy can handle it. If it truly can't hold up, it would need to be 125-150 and sustained for a while, which would actually require the Fed to step in and rescue the market.
The key indicator is the 1-year inflation swap rate, currently around 2.5%. If it turns downward, it signals the market shifting from "fearing inflation" to "fearing demand collapse," and rate cut expectations would immediately reignite.