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FOMC Board Members Starting To Have Their Say

FED
  • Yesterday’s comments from Brainard and Williams saw more active commentary from Board members. Neither explicitly endorsed a 25bp hike on Feb 1 (27bp priced) but both noted benefits of a slower pace as nearing a potential peak for the cycle.
  • Details within Brainard’s speech were broadly dovish although late on, Williams noted in Q&A that it’s not what happens at each meeting that’s important but rather that there are still ways to go until sufficiently restrictive. Recent inflation data lower and that’s encouraging but risks are still to the upside.
  • Ahead, Gov. Waller is in focus at 1300ET being typically the most hawkish Board member and having last spoken in mid-Nov. Harker (’23) comes earlier at 0900ET having recently called for 25bp hikes per meeting with a few more to come but data dependent.
  • Updated table of recent views on potential pace below.

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