Wall Street desafía al banco central: pronostica recortes de tasas más rápidos de lo planeado

Wall Street apuesta fuerte contra la prudencia de la Fed—los grandes fondos proyectan caídas de tasas que dejarían atrás el calendario oficial.

Mercados versus reguladores: la brecha se amplía

Los gestores de inversiones, hartos de la cautela de Jerome Powell, están desplegando estrategias que anticipan una flexibilización monetaria agresiva. Los derivados de tipos de interés ya reflejan expectativas que superan—por mucho—los guiños moderados de la FED.

¿Exceso de confianza o lectura astuta? Los bonos rally mientras la inflación se modera, pero la banca central insiste en mantener la guardia alta. Alguien se equivocará—y los mercados apuestan a que no serán ellos. Clásico: Wall Street bailando al son que la Fed aún no pone.

Traders pull forward expectations while Fed moves slow

Stock markets are riding this optimism to record highs. Wall Street is betting on cheaper money without much recession risk. But some, like Columbia Threadneedle’s Ed Al-Hussainy, say that’s not how the Fed plays it. “I think the market is getting a little bit excited,” Ed said. He warned that policymakers “are very conservative—they don’t want to overtorque the economy because inflation is still lurking in the system.”

The real issue is that rate expectations don’t just sit in theory. They shape everything from Treasury yields to mortgage payments. The 10-year Treasury yield has already ticked down this month, hitting 4.01% before climbing back to 4.14% on Friday. That drop has made it cheaper to buy homes, refinance loans, and issue corporate debt—even though the Fed has only cut once this cycle, and it’s barely moved the actual fed-funds rate since last December.

Investors have misread the playbook before. When the Fed first started cutting rates in September 2024, Treasury yields had already dropped. Traders feared a recession and thought major easing was on the table. Then strong job reports started rolling in, and expectations were pulled back.

After Trump won re-election that November, markets assumed more spending and inflation were coming. Yields on the 10-year exploded from 3.6% in September to 4.8% in January, even though the Fed had cut rates by a full percentage point.

Trump pressure and Fed politics add more noise

This time around, things are messier. Trump is now in the White House and pushing hard for lower rates. He recently gave Stephen Miran—a top economic adviser—a 4½-month seat on the Fed’s board. At the same time, he’s working to kick out Lisa Cook, a Biden-era appointee who’s facing mortgage fraud allegations, which she denies. Despite all this, markets aren’t acting like the cuts are political. Inflation expectations remain steady, which means traders don’t think the Fed is being reckless.

Brian Quigley, who runs government strategies at Vanguard, thinks the odds of a huge reversal in bond markets are slim. “It is possible that we get maybe a bit of a reversal in the rate market,” Brian said. “However, I think the potential magnitude for that type of a move is much smaller than what it was last year.”

Still, the pressure’s building. Economic growth is cooling. Monthly job gains are shrinking. Unemployment could rise. Services inflation is slowing down. And Trump’s tariffs haven’t done much damage yet.

“There’s clearly risks to the downside in the labor market here,” Brian added, “and so the likelihood is that the market continues to price in a lower trough rate” than what the Fed’s own forecasts suggest.

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