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Collins: Further Tightening Not Off The Table

FED
  • Boston Fed’s Collins says in prepared remarks that she fully supports the FOMC statement and agrees with the policy guidance in the median SEP projections.
  • “I expect rates may have to stay higher, and for longer, than previous projections had suggested, and further tightening is certainly not off the table".
  • Progress on inflation has not been linear and is not evenly distributed across sectors. "Inflation in core services excluding shelter, which accounts for over half of our preferred core inflation measure, has yet to show the sustained improvement that would be consistent with price stability."
  • Not being a voting member in 2023 or 2024 limits some of the impact, with the remarks also landing fifteen minutes after mixed but ultimately softer than expected composite PMI in the preliminary September release.
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