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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessING: Ending Asset Purchases Early, Building To A March Hike
While ING says that “on the face of it” the January FOMC meeting should be a “non-event”, they are almost alone on the sell-side in expecting the Fed to announce an immediate end to asset purchases.
- “This earlier corrective action on the balance sheet would also help reduce talk of a potential 50bp March rate hike, while opening up the possibility of an earlier start to a shrinking of the balance sheet.”
- Press conference: Will be interesting to see how technical it gets re implications of B/S reduction.
- May be some commentary on rates markets moves in recent weeks; “The Fed is likely to be pleased that inflation expectations have eased; a sign that their hawkish ambitions are already reaping some benefit” though there is “room for much more” for real rates to rise from negative levels.
- Future action: Hikes likely coming on quarterly basis. “earlier, more aggressive action on balance sheet reduction can do a lot of the heavy lifting in terms of “normalising” policy.”
- QT to begin “within six months of the March rate hike”, at $16B initially, rising to $100B ($60B Tsy / $40B MBS).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.