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Muted Reaction To Brainard Speech, Q&A Starting

FED
  • VC Brainard notes that the Fed must raise interest rates and keep them there "for as long as it takes" and that “it will be necessary to see several months of low monthly inflation readings to be confident that inflation is moving back down to 2%”.
  • However inclusion that “at some point in the tightening cycle, the risks will become more two-sided” seems to have helped limit market reaction, with limited change on the release of the text for 2Y Tsys (still -3.7bps on the day) and equally in front rates (EDZ2 +0.01 for -0.015 on the day, EDZ3 quickly retracing move lower to stay +0.06 on the day).
  • Full text: https://www.federalreserve.gov/newsevents/speech/brainard20220907a.htm
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