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Powell Comments A Recipe For Flatter Curve

FED

Powell's response to the question of what would prevent the FOMC from hiking by 50bp in May was telling: "Nothing. Executive summary." While he mitigated that comment with the usual caveats that the FOMC hasn't yet decided, and that they will raise by 50bp at a meeting or meetings if appropriate.

  • That's about as strong a hint as you will get that the FOMC is headed to a half-point hike at the next meeting unless circumstances change.
  • If you wanted Powell to endorse a further yield curve flattening, you couldn't have done much better than that, when you include the final response implying they look mainly at the yield curve 18 months out (and downplaying the importance of 2s10s).
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