Clarida Reiterates Liftoff Timeline; Bullard Another Steady Hawk

Doesn't look like much new from Fed Vice Chair Clarida in his speech today, in which he said "While we are clearly a ways away from considering raising interest rates, if the outlooks for inflation and unemployment I summarized ... turn out to be the actual outcomes realized over the forecast horizon, then I believe that these three necessary conditions for raising the target range for the federal funds rate will have been met by year-end 2022."

• A month ago he gave similar remarks on conditions for liftoff being met by end-2022.
• Nor much new from St Louis Fed Pres Bullard, who said this morning in a TV appearance that he was pencilling in 2 rate hikes for 2022 - after the September FOMC meeting he said the same thing, so his forecast hasn't changed.
• Between Bullard's comments and last week's not-particularly-hawkish speech from KC Fed's George, we're now heard from the two most hawkish current FOMC participants since the November meeting. And neither seems to have gotten any more hawkish since, say, September.
• On the margin that probably suggests that the FOMC really is in wait-and-see-data mode until at least the December meeting.
• But little Treasury market reaction to either appearance.