Daily Alert: Fed kicks off Super Thursday by signalling 50bps of hikes by 2023
- The US Federal Open Market Committee kept its key policy settings broadly unchanged, holding its policy interest rates in a 0.0% to 0.25% range and maintaining QE at a USD120bn monthly pace.
- However, what caused a stir in markets was the admission by the Fed that the period of ultra-low interest rates was unlikely to continue forever, considering the brighter signs in the US economy.
- Market reaction to the Fed was swift, particularly in the Treasury market; the USD index jumped after the Fed announcement pushing the NZD down by close to 1 US cent.
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Mark Smith
Senior Economist
Mark joined ASB in 2017, with over 20 years of public and private sector experience working as an economist in New Zealand and the UK.
His resume includes lengthy stints at ANZ and the Reserve Bank of New Zealand, and he has also worked at the Bank of England, HM Treasury and the New Zealand Transport Agency. Mark's areas of specialisation include interest rate strategy, macro-economic analysis and urban economics.
Born and bred in the Waikato, Mark studied at Waikato University where he graduated with a Master of Social Sciences, majoring in Economics.
Mark's key strengths are the ability to use his extensive experience, inquisitive nature, analytical ability, creativity and pragmatism to dig a little deeper and to deliver common sense solutions to tackle complex problems.
When not at work Mark likes to travel, keep fit and spend time with his friends and family.
- Email: Mark
Chris Tennent-Brown
ASB Wealth Senior Economist
Chris has worked as an economist for ASB and Commonwealth Bank of Australia in Sydney since 2005. His work has involved monitoring and forecasting trends in the New Zealand economy, with a focus on drawing implications for financial markets and investments. Chris is passionate about savings issues, and much of his current work is focussed on broadening peoples understanding of investments. Chris obtained a Bachelor of Commerce at Auckland University, majoring in Economics, and prior to joining ASB worked in the funds management industry for Bankers Trust and BT Funds Management. With over 20 years' experience in finance, Chris has also spent several years farming, and was a New Zealand representative cyclist. When not at work, Chris likes to travel, cycle, and spend time with his family and numerous pets.
- Email: Chris
Nathaniel Keall
Economist
A born and bred Aucklander, Nat joined ASB as a fresh-faced graduate in 2018. After a turn in Risk Management, he joined the world of economics seeking a new challenge in 2020. Nat is passionate about the success of the export sector and much of his work focuses on the dynamics in commodity markets and global trade more broadly. He also compiles ASB’s Regional Economic Scoreboard, assists the team with broader research and analysis and generally stands ready with a pun or a bit of wordplay to season a write-up. Nat holds a Bachelors of Arts and Commerce from the University of Auckland, with majors in Economics, Finance and Politics & International Relations.
- Email: Nathaniel
