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Bowman Wants More Rate Hikes, Market Looks Through It

FED
  • Gov. Bowman (voter) offers a distinctly hawkish take in an unscheduled release of prepared remarks here: https://www.federalreserve.gov/newsevents/speech/bowman20230922a.htm
  • "Given the mixed data releases — strong spending data but a decline in inflation and downward revisions to jobs created in previous months — I supported the FOMC’s decision to maintain the target range for the federal funds rate. But I continue to expect that further rate hikes will likely be needed to return inflation to 2% in a timely way"
  • The noting of further rate hikes being needed, with only 1 dot above 5.6% for 2024 (i.e. after one potential hike still to come this year), suggests she was the very elevated 6.1% dot for next year.
  • There is surprisingly little reaction to the remarks though, with 2YY initially near unchanged and now drifting 0.5bp lower still for -6.5bps on the day.
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