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Saunders: Doesn't sound fully committed to a December vote for a hike

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  • Saunders: "Policy is not on auto pilot. The pace, and scale, of any monetary policy changes will depend on economic developments and the outlook. In particular, at the December meeting, a key consideration for me will be the possible economic effects of the new Omicron Covid variant, and the potential costs and benefits of waiting to see more data on this before – if necessary – adjusting policy."
  • Doesn't sound like a December vote for a hike is 100% nailed on for him, despite other hawkish comments. Recall that he was the first MPC member to vote to end QE early and one of two MPC members to vote for a 15bp hike in November.

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