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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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Free Access###POV: (clarify) RISK OF MARKETS PRICING IN....>
FED: ###POV: (clarify) RISK OF MARKETS PRICING IN MORE FED RATE HIKES IN 2019?
- MNI PINCH calculates only 29bp FOMC rate hikes in 2019, that is just over 1
full 25bp rate hike for the whole year, with the curve looking very flat
compared to the Fed's own median dot plot curve of there being 75bps worth of
hikes in 2019.
- The Fed is widely expected to leave rate and monetary policy unchanged at end
of today's meeting, but markets are fully pricing in a 2nd rate hike of 2018 at
the June FOMC meeting when updated projections will be released.
- Indications from recent data point to US GDP will continue to push higher as
Europe takes a breather and that inflation in the US has some momentum to the
upside. Core and headline PCE has risen to 1.9% and 2.0%.
- The risk is that today's FOMC statement could be on the slightly hawkish side
especially on level of inflation which could lead to increase in higher interest
rate expectations for 2019 where markets would need to price in 2/3 hikes rather
than 1/2 currently. Its also difficult to see how forward interest rate path
could move even lower/flatter and price in less then 29bps of hikes.
To read the full story
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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.