Broyhill – Bridgewater On Fed Fund Rates And ChangesVW Staff
Broyhill Asset Management letter to investors for the first quarter ended March 31, 2015.
Markets are contemplating the potential for a tighter domestic monetary policy. As this would be the first such shift experienced in a decade, the recent increase in volatility should not come as a surprise. The table below illustrates each of the cyclical peaks and troughs in the Fed funds rate and the magnitude of changes since 1919. As shown, the last time the Fed took rates to zero, they stayed there for over two decades. If history were to repeat, investors might be nervously digesting a . . .
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