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MNI Fed Review-Nov 2021: Keeping 2022 Options Open


Emailed to subscribers, or available here:

  • The Fed's confidence in the "transitory" narrative for inflation is waning
  • Powell pushed back subtly against a 1H 2022 rate liftoff, but not enough to change market expectations
  • Labor market progress will be the key determinant in rate hike timing
  • Risks remain tilted toward an earlier rather than later end to tapering vs the mid-2022 baseline

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