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Instead of Lower for Longer It's Powell for Longer, PGIM's Greg Peters
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March 18, 2026
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17:18
25:58
6:37Now PlayingFederal Reserve Chair Jerome Powell said he plans to stay at the central bank until a Justice Department investigation into him and the central bank is complete.
“I have no intention of leaving the board until the investigation is well and truly over, with transparency and finality,” Powell said Wednesday at a press conference.
The comments marked the first time Powell has given any public indication about how the DOJ probe might affect his plans to remain at the Fed.
Greg Peters, Co-Chief Investment Officer of Public and Private Fixed Income at PGIM, said the news moved markets The Bank of England said it “stands ready to act” against a surge in inflation triggered by war in the Middle East, prompting traders to ramp up bets on an interest-rate hike as soon as next month.
The nine-member Monetary Policy Committee voted unanimously to leave rates unchanged at 3.75% on Thursday — their first decision without any dissent in four and a half years.
Minutes from the meeting evidenced a major shift in tone, while the conflict disrupts production in the world’s most important oil-producing region and stops tankers passing through the crucial Strait of Hormuz.
Rate-setters opened the door to hikes, with Governor Andrew Bailey warning that policy must “respond to the risk of a more persistent effect on UK CPI inflation.” In a separate statement he added: “Whatever happens, our job is to make sure inflation gets back to its 2% target.” Morgan Stanley shifted its forecast for the next Federal Reserve interest-rate cut to September from June after Chair Jerome Powell said he needed to see clear progress needed on inflation.
“A cautious Fed means delay,” a team including chief US economist Michael Gapen and strategist Matthew Hornbach wrote in a note to clients late on Wednesday
They now see the subsequent Fed cut coming in December, rather than September
The firm suggests investors stay neutral on UST duration and curve given the potential for economic data surprises that will offer “an opportunity to take advantage of recent price action that implies inflation alone will dictate the Fed’s actions this year”
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