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Bostic: Baseline For 75bp Hike In Nov

FED
  • Bostic (’24 voter) favors getting rates to 4.25-4.5% by year-end, per the median dot in the Sept SEP, with his baseline for a 75bp hike in Nov and 50bp hike in Dec.
  • He notes that would get Fed policy to “moderately restrictive stance”, having previously said at Jackson Hole that "restrictive is somewhere in the 3.5 – 3.75% range. I’m hopeful that we can get there by the end of the year”.
  • It helps re-focus Fed Funds pricing for the Nov FOMC with a 2bp increase to 67bps, back to levels prior to dipping to a 63-66bp range on BoE purchase plans, but still down from 70-72bps from Monday.
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  • Bostic (’24 voter) favors getting rates to 4.25-4.5% by year-end, per the median dot in the Sept SEP, with his baseline for a 75bp hike in Nov and 50bp hike in Dec.
  • He notes that would get Fed policy to “moderately restrictive stance”, having previously said at Jackson Hole that "restrictive is somewhere in the 3.5 – 3.75% range. I’m hopeful that we can get there by the end of the year”.
  • It helps re-focus Fed Funds pricing for the Nov FOMC with a 2bp increase to 67bps, back to levels prior to dipping to a 63-66bp range on BoE purchase plans, but still down from 70-72bps from Monday.