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Collins Advocates Holding Rates At Restrictive Levels For Some Time

FED
  • Boston Fed’s Collins (non-voter) used her appearance at a New England event to advocate the need for holding rates at restrictive levels for some time.
  • Her comments come as Fed implied rates may have seen a recent higher for longer push with cut pricing near recent lows as the market comes to this view, although they still price 107bp of cuts from terminal to Dec’24.
  • She noted in prepared remarks that "While we may be near, or even at, the peak for policy rates, further tightening could be warranted, depending on the incoming data"... "I expect we’ll need to hold rates at restrictive levels for some time."
  • In subsequent Q&A, *COLLINS: RISE IN YIELDS MAY REFLECT IDEA RATES MAY STAY HIGH, 'DON'T THINK WE'RE THERE YET' ON CONTAINING INFLATION - bbg
  • Re policy lags, this from her prepared remarks: "But given that policy is clearly in restrictive territory, I do expect to see slowing growth by the end of this year and throughout 2024."

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