Markets and investors are waiting and wondering how much the Fed's September interest rate decision will line up with expectations, with many anticipating a rate pause this month. SEI Chief Investment Officer Jim Smigiel and Dreyfus and Mellon Chief Economist Vincent Reinhart join Yahoo Finance Live to share their predictions on Fed Chair Jerome Powell's ultimate decision.
"The big message the Fed's going to want to convey is they're going to keep policy restrictive for as long as it takes," Reinhart outlines.to watch this full episode of Yahoo Finance Live.And Jim, I'm interested to get your take as well about what you expect from the Fed tomorrow. And also, Jim, just listen how you're thinking about the market. Where you're seeing investment opportunities.Sure. For the most part, we agree with Vincent.
We expect them to deliver. And we're not necessarily in the camp that it'll be a one-and-done situation. We think that a lot of what's happening underneath is, from an economic perspective, is probably still a little bit hotter than what the chairman and the FOMC would like to see.We have a little bit of a turn in some of the inflation numbers, obviously, particularly from a headline perspective, given what's happening in the energy markets.
It's fairly unusual to see all of this multiple expansion in the market when real rates are rising. We're a little bit skeptical of that. And therefore, we are a bit negative on the market. And we are fading further appreciation from here.Vincent, we're talking about the FOMC as a whole. But the reality is this is a divided committee.
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