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Bowman: Not Seeing What We Need To See In Inflation Data

FED
  • Gov. Bowman (voter) says we’re not seeing what we need to see in the inflation data and will need to continue rate hikes until we see more progress.
  • Other wires report her as saying we’re seeing a lot of inconsistent data on economic conditions and that your guess is as good as mine as to what happens next in the economy.
  • Relatively little reaction in Fed rate expectations but only after a solid further re-pricing after Bullard yesterday wouldn’t rule out supporting a 50bp hike at the next meeting.
  • Pertinent recent changes have been a combined 50bp of hikes over the next two meetings now fully priced (52bps) with the terminal sitting with 72bp of hikes to 5.31% with the July meeting (+4bp on the day).
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