“‘Tomorrow, Powell is likely to be asked: “Market pricing implies that the terminal FF rate will peak at 3.4% in 12/22 immediately declining thereafter to 2.7% by YE ‘23. What factors would cause the @federalreserve to immediately lower rates after just raising them?”
— Bill Ackman, founder and CEO, Pershing Square Capital Management
That’s billionaire hedge-fund manager Bill Ackman …