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Waller More Comfortable With 50bp Hike In Dec But Data To Decide

FED
  • FOMC-dated OIS pricing sits towards the day’s low at 52bp following Waller’s prepared remarks but hinging on data sees little change in the terminal at 4.92%.
  • "The data of the past few weeks have made me more comfortable considering stepping down to a 50-basis-point hike" in December, deemed still significant. “But I won't be making a judgement about that until I see more data, including the next PCE inflation report and the next jobs report.”
  • However, "we have not yet made enough progress" and “it is way too early to conclude that inflation is headed sustainably down” whilst policy is still "barely in restrictive territory today".
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  • FOMC-dated OIS pricing sits towards the day’s low at 52bp following Waller’s prepared remarks but hinging on data sees little change in the terminal at 4.92%.
  • "The data of the past few weeks have made me more comfortable considering stepping down to a 50-basis-point hike" in December, deemed still significant. “But I won't be making a judgement about that until I see more data, including the next PCE inflation report and the next jobs report.”
  • However, "we have not yet made enough progress" and “it is way too early to conclude that inflation is headed sustainably down” whilst policy is still "barely in restrictive territory today".