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MNI FED REVIEW - MAY 2022: No 75s, But Not Dovish

FED
Fixed IncomeBulletMarketsEmerging MarketsForeign Exchange

Our review of yesterday's FOMC Decision has been published on our website and emailed to subscribers.

  • May’s FOMC was hawkish, but not enough to meet heightened market rate hike expectations.
  • Near-term rate hikes repriced lower and risk assets rallied following Chair Powell’s explicit guidance for 50bp hikes at the next couple of meetings, while downplaying the possibility of 75bp increases.
  • The bar to non-50bp moves in June/July is high, but the path in 2H 2022 will be very much data-dependent.
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Our review of yesterday's FOMC Decision has been published on our website and emailed to subscribers.

  • May’s FOMC was hawkish, but not enough to meet heightened market rate hike expectations.
  • Near-term rate hikes repriced lower and risk assets rallied following Chair Powell’s explicit guidance for 50bp hikes at the next couple of meetings, while downplaying the possibility of 75bp increases.
  • The bar to non-50bp moves in June/July is high, but the path in 2H 2022 will be very much data-dependent.