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Terminal Climbs With Bullard "Not Yet Sufficiently Restrictive"

FED
  • FOMC-dated OIS implied terminal hits 4.96-97% on Bullard remarks (+3/4bps on the day).
  • Policy not yet sufficiently restrictive even under most generous interpretation is a somewhat further hawkish tilt vs prior comments Oct 21 that once get to level this year that puts more meaningful pressure on inflation can then make minor adjustments going forward.
  • Other Bloomberg headlines
    • *BULLARD CITES POLICY RULES SUGGESTING RATES OF BETWEEN 5%-7%
    • *BULLARD: FED POLICY NOT YET AT SUFFICIENTLY RESTRICTIVE LEVEL
    • *BULLARD: HIKES HAVE ONLY HAD LIMITED IMPACT SO FAR ON INFLATION - bbg

FOMC-dated OIS implied rate for May'23 meetingSource: Bloomberg

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