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Mester Pushes Back On 75bp Hike

FED
Cleveland Fed's Mester, a '22 voter, pushes back on the growing clamor for a 75bp hike, saying she prefers a methodical approach involving 50bps to get to neutral of around 2.5%. No immediate move in Fed Funds futures pricing for the June meeting, still showing 110bps after a strong rise today, but talk of playing down 75bps helps see a bounce in ESM2.

Bloomberg headlines:

  • MESTER: WANT TO RAISE RATES TO NEUTRAL BY YEAR END, AROUND 2.5%
  • ASKED ABOUT 75 BPS, MESTER SAYS FED DOES NOT `NEED TO GO THERE'
  • MESTER: FAVOR A METHODICAL RATHER THAN OVERLY-AGGRESSIVE PATH
  • MESTER REPEATS SHE FAVORS 50 BPS HIKE, FRONT-LOADING POLICY
  • MESTER:GETTING RATES TO 2.5% THIS YR TO TAKE A FEW 50 BPS HIKES
  • MESTER: FED HAS TO BE RESOLUTE AND INTENTIONAL
  • MESTER: MAY NEED ABOVE-NEUTRAL RATES IF PRICES DON’T EASE
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