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Bostic Puts Himself In 3 Dots Looking For 6 Hikes

FED
  • Atlanta Fed’s Bostic (2024 voter) has put himself in the camp of 3 dots calling for 6 hikes in 2022, surprisingly even below the usually dovish Kashkari (2023) on Fri looking for 7 hikes this year. Only 1 dot is more dovish, with 1 calling for 5 hikes this year.
  • Nothing in prepared remarks on QT and whether a more aggressive policy there as offsetting the perceived relative dovishness, but potential questions in Q&A ahead.
  • That seems unlikely though as elevated levels of uncertainty are offered as the main reason for being less hawkish than colleagues. He leaves Powell to talk more on inflation later.
  • Hikes implied by FOMC-dated Fed Funds have continued to increase, now fractionally shy of eight hikes fully priced for 2022 with 174bps for the rest of the year.
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