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Harker: Fed Close To The Point Where It Can Hold Rates

FED
  • Harker ('23 voter) with a repeat appearance after yesterday's skip comments.
  • *HARKER: FED IS `CLOSE TO' THE POINT WHERE IT CAN HOLD RATES - bbg
  • *HARKER SEES `SIGNIFICANT ROOM FOR IMPROVEMENT' ON INFLATION - bbg
  • “We are close to the point where we can hold rates in place and let monetary policy do its work to bring inflation back to the target in a timely manner,”
  • June OIS pricing looks through the comments, still showing only +7bps after falling 5bps yesterday, whilst the July terminal dips marginally but is still within the day’s range at +17bps as no further hike is fully priced.

  • Recall from yesterday Harker's comments that came soon after similar from Governor Jefferson and drove the significant decline in near-term pricing: “I think we can take a bit of a skip for a meeting,” “I am definitely in the camp of thinking about skipping any increase at this meeting, barring what we see in the next few days,”
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