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FED unwinds its balance sheet

Perspectives» |

September 21, 2017

Even if it was broadly expected, the decision to start the reduction of the balance sheet is historical. The FOMC projections reduced their estimate of the terminal rate to 2.75%. The lower terminal Fed Funds rate means that the Fed is modestly closer to the end of its tightening cycle. We continue to favor credit sectors based on solid fundamentals, and we are very cautious on the most rate-sensitive sector of government securities.

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