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Bullard Reiterates Call For Higher Rates

FED
  • St Louis Fed’s Bullard (non-voter) spoke to Reuters and kept to previously made points, in turn not notably moving rate expectations with a 22bp hike priced for the May 3 FOMC and the first 25bp cut from current levels priced for Dec with -26.5bps.


Pertinent points:

* STILL SEES ADEQUATELY RESTRICTIVE POLICY RATE AT 5.50%-5.75% RANGE, BIAS TO HOLD FOR LONGER UNTIL INFLATION CONTAINED

* US RECESSION PREDICTIONS IGNORE STRENGTH OF LABOR MARKET, PANDEMIC SAVINGS STILL TO BE USED

* NOT MUCH CLEAR PROGRESS ON INFLATION MEANS INTEREST RATES NEED TO CONTINUE TO RISE

* FED SHOULD AVOID EXTENSIVE FORWARD GUIDANCE AT NEXT MEETING, KEEP OPTIONS OPEN - Reuters

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