ANZ write “further Fed tightening is required. We have revised up our year end fed funds rate forecast by 25bp to 4.00% from 3.75%, and now expect three 50bp hikes over the remainder of 2022. There are no signs that the labour market or inflation data are slowing sufficiently for the Fed to declare victory on inflation. Our 2023 fed funds profile (4.00%) is intact for now, but there is upside risk. We think the Fed will remain steadfast until demand is consistent with target inflation.”
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