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Gov. Bowman: Fed Has A Lot More Work To Do

FED
  • Governor Bowman notes that inflation declined recently but "we have a lot more work to do" whilst also seeking "compelling" signs that inflation has peaked - remarks here.
  • She favor holding rates at the peak "for some time" but data dependency is key: "My views on the appropriate size of future rate increases and on the ultimate level of the federal funds rate will continue to be guided by the incoming data and its implications for the outlook for inflation and economic activity."
  • Data dependency emphasis sees little reaction in Fed pricing, with FOMC-dated OIS implied terminal hovering at 4.94-4.95%, having earlier reversed a small dip on Chair Powell not commenting directly on monetary policy instead of rebutting the recent easing in financial conditions.


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