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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.
MNI Fed Preview - Nov 2021
(Re-Sent With Working PDF Link)
EXECUTIVE SUMMARY:
- With a $15B/month taper all but certain to be announced at the November FOMC, most attention is on the Fed's communication surrounding inflation dynamics, and any further signals on the rate hike outlook.
- Hawkish risks to watch at the meeting include the removal/change of the "transitory" description of inflation in the Statement, and/or Powell doing little to push back against increasingly aggressive market rate hike pricing.
- The dovish-leaning risks are relatively limited, including a surprise that the taper pace will be conducted per meeting vs per month; and/or that the taper will begin in December rather than November.
- Prior to the Sept FOMC, sell-side consensus was for Fed rate liftoff in 2023, and a taper pace of $15B/meeting. That's changed to 2022 and $15B/month, alongside a significant market rate hike repricing which includes at least 2 hikes in 2022.
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Source: MNI
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.
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