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Williams Toes The Line

FED
  • NY Fed’s Williams keeps to comments that appear broad FOMC consensus at this stage, with 50bp hikes making sense at upcoming meetings as expeditiously hiking to more normal levels and MBS sales an option in the future.
  • *WILLIAMS: NEED TO GET REAL RATES BACK TO ZERO NEXT YEAR OR SO - bbg
  • *Williams: Fed Will Need to React to Changing Economic Conditions –WSJ

Specifically on housing:

  • *WILLIAMS: HOUSING DEMAND FUNDAMENTALLY IS VERY STRONG – bbg
  • *WILLIAMS: WE CAN'T HAVE THIS EXCESSIVE DEMAND GO ON TOO LONG – bbg
  • Market reaction: the miss in Empire State manufacturing survey continues to set the tone. FOMC-dated Fed Funds implied hikes still well within today’s and Friday’s ranges though, with 54bps for June and a cumulative 101bp for July meetings (earlier 103bp). BBDXY down almost -0.1% since Empire and has largely moved sideways throhugh Williams.
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  • NY Fed’s Williams keeps to comments that appear broad FOMC consensus at this stage, with 50bp hikes making sense at upcoming meetings as expeditiously hiking to more normal levels and MBS sales an option in the future.
  • *WILLIAMS: NEED TO GET REAL RATES BACK TO ZERO NEXT YEAR OR SO - bbg
  • *Williams: Fed Will Need to React to Changing Economic Conditions –WSJ

Specifically on housing:

  • *WILLIAMS: HOUSING DEMAND FUNDAMENTALLY IS VERY STRONG – bbg
  • *WILLIAMS: WE CAN'T HAVE THIS EXCESSIVE DEMAND GO ON TOO LONG – bbg
  • Market reaction: the miss in Empire State manufacturing survey continues to set the tone. FOMC-dated Fed Funds implied hikes still well within today’s and Friday’s ranges though, with 54bps for June and a cumulative 101bp for July meetings (earlier 103bp). BBDXY down almost -0.1% since Empire and has largely moved sideways throhugh Williams.