Free Trial

Consolidation Mode But Remains Bearish


Fails To Hold Onto Thursday’s High


'Big Tech' Bill Goes To Senate


Oil Up For Fifth Week On Supply Disruption, Geopolitics

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
Sign up now for free access to this content.

Please enter your details below and select your areas of interest.

TD Securities note that “the Fed chair virtually pre-announced an acceleration of tapering at this month's meeting. We expect the monthly pace to be doubled to $30bn from $15bn, consistent with QE ending in mid-March instead of mid-June.”

  • “As before, the criteria for "liftoff" are much stricter than the criteria for tapering. We also continue to expect significant slowing in inflation and growth in 2022 as fiscal stimulus fades, and we believe even modest slowing will encourage officials to be patient in their quest for maximum employment. That said, stronger than expected data in Q4 are helping move the economy a bit closer to maximum employment, and Chair Powell is showing new hawkishness following his renomination. We now expect a first rate hike in March 2023, instead of December 2023. We also recognize the risk of earlier tightening if the data don't show some clear slowing by Q222.”