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Collins: Seeking Clear and Compelling Signs Of Falling Inflation

  • Speaking for the first time since joining the Boston Fed and a ’22 voter with two meetings left, Susan Collins sees the goal of a modest slowdown (with a "somewhat higher" unemployment rate) as achievable, with household and business balance sheets strong.
  • Her comments are hard to specifically place her standing on the FOMC although are appropriately hawkish, noting further tightening needed and seeking “clear and compelling” signs that inflation is falling.
  • As such, prior intraday moves are consolidated: 2Y Tsy yields remain just off session lows but still +1bp on the day after opening with a notable sell-off whilst the implied terminal rate has cooled circa 10bps through the US session but still sits at 4.65%.

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