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Fed’s Williams: The Fed is approaching its decision to hike rates

These are the last expected comments from the Fed before tomorrow’s FOMC blackout.

  • The ride schedule will be based on a wide range of data
  • The next step is to gradually bring rates back to normal
  • Inflation is expected to approach 2% in 2023
  • Anticipates inflation around 2.5% this year
  • Unemployment expected to fall to 3.5% this year
  • Omicron wave will temporarily prolong and intensify labor supply issues and supply chain bottlenecks
  • Omicron expects growth to slow in coming months
  • Not sure exactly what the trajectory of the fed funds rate will be this year, as it will be determined by the data
  • The Fed has the ability to smoothly manage the balance sheet

There are no big surprises here. I think the possible surprise at this meeting is for the Fed to completely end QE rather than taper further.


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