FICC Focus

Author: Bloomberg Intelligence

FICC Focus offers the latest market views on interest rates, corporate bonds, emerging market debt, commodities, and currencies by Bloomberg Intelligence analysts.
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Genres: Business, Investing

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Macro Matters: BI’s Ira Jersey Talks Fed & US Rates Outlook
Thursday, 7 May, 2026

Bloomberg Intelligence’s chief US interest-rate strategist Ira Jersey lays out his latest views on the Federal Reserve and the US Treasury market in this solo Macro Matters edition of the FICC Focus podcast. Jersey discusses why he expects the Fed to remain on hold for at least the next several months, even after Jay Powell’s departure and Kevin Warsh’s expected arrival as chair. He examines the significance of recent FOMC dissents, the challenges Warsh may face in building support for rate cuts, and why shrinking the balance sheet while easing policy could prove difficult without broader changes to bank regulation. Jersey also explains how uneven job growth, inflation expectations and developments in oil prices could shape the path of policy and rates. He reviews his outlook for the Treasury curve, including why he expects the long end to remain rangebound and the front end to be driven by inflation breakevens and Fed expectations. Jersey closes with his view that Treasury coupon issuance will remain manageable through continued reliance on Treasury bills.