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Citi Private Bank: Investment Implications of the Fed’s Policy

Citi Private Bank has released an investment bulletin by Citi Private Bank Chief Investment Officer team on the investment implication of the United States Federal Reserve Policy and speech by Federal Reserve Chair, Jerome Powell (29th August 2021).

Citi Private Bank Chief Investment Officer Team:

  • David Bailin, Chief Investment Officer and Global Head of Investments
  • Steven Wieting, Chief Investment Strategist & Chief Economist
  • Joseph Fiorica, Global Head – Equity Strategy

 

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Citi’s Private Bank serves the world’s wealthiest individuals, families and law firms.  Citi Private Bank has around $550 billion AUM (Assets under Management), serving more than 13,000 UHNW clients, including 25% of the world’s billionaires and more than 1,400 family offices across 50 cities in over 100 countries.  Citi Private Bank focuses on clients who have an average net worth above $100 million, with clients gaining access to a highly customized experience and a comprehensive range of products and services including investments, banking, lending, custody, wealth planning, real estate, art, aircraft finance and lending, personalized advice, competitive pricing and efficient execution.

 

David Bailin Citi Private Bank Chief Investment Officer And Global Head Of Investments Headshot
David Bailin Citi Private Bank Chief Investment Officer and Global Head of Investments

Citi Private Bank CIO Strategy Bulletin:  A Powell Play: Investment Implications of the Fed’s Policy

Jerome Powell Speech Sparks Market Rally

The Fed Chair, Jerome Powell is focused on achieving “maximum” employment while downplaying long-lasting inflation risk. His speech generated an “everything rally” on Friday where nearly every financial asset did well.  Deeper into a market recovery, such inclusive rallies are likely to become increasingly rare.

 

Fed Monetary Policy – Requires Gentle Balancing Act

Powell emphasized the Fed’s overarching commitment to a deeper economic recovery. Given that the Fed is a major driver of the monetary policy underpinning broader employment and economic growth, the normalization of Fed interventions requires a gentle balancing act much like getting a patient out of the ICU.

On the one hand, a rapid withdrawal of Fed support could cause asset market declines that would raise the cost of capital and weaken confidence in the recovery. On the other, too much stimulus can be inflationary and counterproductive. Slowing the Fed’s financing pace to zero should take most or all of the coming 12 months.

 

View Citi Private Bank CIO Strategy Bulletin:

 


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Citigroup

Founded in 1812, Citigroup is one of the world’s largest bank with more than 200 million customer accounts and around 200,000 employees in more than 160 countries and jurisdictions.  It is listed on the New York Stock Exchange (NYSE) and has a market capitalization of $124.2 billion (15/12/20).  In 2019, Citigroup reported total revenue of $74.2 billion and net profit of $19.4 billion.

About Citi Private Bank

Citi’s Private Bank serves the world’s wealthiest individuals, families and law firms.  Citi Private Bank has around $550 billion AUM (Assets under Management), serving more than 13,000 UHNW clients, including 25% of the world’s billionaires and more than 1,400 family offices across 50 cities in over 100 countries.

Citi Private Bank focuses on clients who have an average net worth above $100 million, with clients gaining access to a highly customized experience and a comprehensive range of products and services including investments, banking, lending, custody, wealth planning, real estate, art, aircraft finance and lending, personalized advice, competitive pricing and efficient execution.


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