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Harker: Fed Needs To Hold Rates Steady For A While

FED
  • Philadelphia Fed’s Harker (’23 voter) sees rates on hold for a while, against the median from the June FOMC that showed one more hike from current levels.
  • It helps FOMC-dated OIS rates maintain an already solid drop both overnight and earlier in the session on a broad risk-off backdrop, with +3bp priced for Sept and a cumulative +8bp for Nov to a terminal 5.41%.
  • Remarks found here: “Absent any alarming new data between now and mid-September, I believe we may be at the point where we can be patient and hold rates steady and let the monetary policy actions we have taken do their work"
  • “Should we be at that point where we can hold steady, we will need to be there for a while," ... "I do see us on the flight path to the soft landing we all hope for and that has proved quite elusive in the past.”
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