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Bullish Price Sequence

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"The Fed delivered clear communication .. that a taper announcement in November is all but certain and that tapering is likely to be completed around mid-2022. We expect that, after announcing in November, the Fed to pursue a gradual taper of $10bn UST/$5bn MBS per month on a mid-month schedule, wrapping up by mid-June."

  • "This meeting was all about the balance sheet, with Powell stressing that no inference should be made regarding the path for rate hikes. Rates have to clear a higher hurdle and in our outlook that hurdle is met in 2Q23. We believe Chair Powell continues to see liftoff in 2023."