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VIEW: TD Securities Adjust Fed Call

FED

TD Securities note that “the Fed chair's words seemed to validate market expectations for rate hikes to start as soon as March, with QT to follow before too long. We now expect a first rate hike in March, instead of June. As before, we expect tightening actions to continue on a quarterly basis after the first move, through the end of 2023, with one of those actions being the start of QT rather than a rate hike, but we are also changing our QT call to make it the third move (in September 2022, after two hikes), rather than the fourth move (after three hikes).”

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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