What if everything borrowers thought they knew about rates in 2025 was wrong?
That's what one of our favourite macro analysts, RBC's Frances Donald, posed in her Bloomberg appearance on Monday. She noted, "We're really starting to actively think about, is there a scenario that leads to [Fed] hikes in 2025?"
Hold up—did someone just say hikes?
Indeed, and Ms. Donald made that comment before the stagflationary risk of Trump's coercive tariffs made headlines on Tuesday. Is it just us, or is 2025 starting to feel like an interest-rate movie dreamt up by M. Night Shyamalan?
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