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Clarida Speech Coming Up

US PREVIEW
  • Richard Clarida's upcoming speech at 1715GMT/1215ET will likely receive even closer attention after Chris Waller's hawkish headlines on the desire to accelerate taper.
  • We look for elaboration of the degree to which Clarida sees inflation persistence, when he sees conditions for rate hikes being met (previously end-2022) and whether he shares similar views on the need to accelerate taper.
  • He previously noted on Nov 8 that he expected inflation pressures to ease but saw risks to the upside, after which we have had the strong Oct CPI print along with 5y and 10y inflation breakevens up 10bps and 6bps respectively.
  • Nov 8 remarks: "We are clearly a ways away from considering raising interest rates". "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", referring to the labor market and inflation tests laid out by the Fed for liftoff - bbg
  • Details: Speech on Global Monetary Policy Coordination, including text and with a moderated Q&A. Aired on Bloomberg Live 1705-1815GMT/1205-1315ET.

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