The Loop the Fed Cannot Cut
A unanimous first hike since 2023, and the funding chain every 25 basis points lands on.
The series
Neovision's Monthly Market Commentary.
Research Notes are published monthly and address current developments in capital markets, asset allocation and macro conditions relevant to institutional and professional investors. The notes are produced by the Neovision Group and reflect the views of the author at the date of publication. They do not constitute investment advice.
Previous notes
- 24 August 2026 The Wrong End of the Curve · Download PDF
- 17 July 2026 The Averaging Error · Download PDF
- 18 June 2026 The Relief Rally Has It Backwards · Download PDF
- 14 May 2026 US Markets at the AI Inflection Point · Download PDF