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Powell’s Prepared Remarks Have Little Impact On Fed Funds Futures

STIR
  • Released late yesterday, Powell’s prepared remarks for today’s nomination hearing on standing ready to prevent elevated inflation from becoming entrenched have made relatively little impact on Fed Funds futures pricing. The Senate hearing starts at 1000ET/1500GMT.
  • The March FOMC meeting still has 22bps priced whilst the Dec meeting has ground higher to a cumulative 89.5bps of hikes.
  • Prior to Powell, we also have Mester (1412ET – BBG TV) and George (1430ET – discussion on the economic and policy outlook) speaking, both 2022 voters.
  • US CPI for Dec is tomorrow. Core CPI is seen at another 0.5% M/M per BBG consensus, with Goldman seeing some upside surprise potential with an expected 0.58% M/M.
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