Fed Chair Powell repeats that rate cuts are not in the Fed’s base case

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• FED SWAPS PRICE IN 100BP OF RATE CUTS BY DECEMBER 2023 FROM EXPECTED PEAK

• fed chair powell says if incoming data indicates faster tightening is required, fed is prepared to increase pace of rate hikes

• Powell’s testimony summary

  Fed Chair Powell says if incoming data indicates faster tightening is required, Fed is prepared…

• Fed Chair Powell says Fed has not made any decision yet about the March meeting, Fed is data dependent, will be guided by incoming data; repeats terminal rate will likely be higher than previously expected

• FED’S POWELL: WE WILL NEED TO DO MORE RATE INCREASES, THEN LOOK AROUND AND SEE IF IT’S ENOUGH.

• FED RAISES BENCHMARK RATE 25 BPS TO 4.75%-5% TARGET RANGE

• FED Chair Powell says nothing about the data suggests we’ve tightened too much and rather suggests have more work to do; data so far suggests they will have a higher terminal rate

  Get the Latest on Powell’s Testimony: Implications for Investors and Bankers

• Fed Chair Powell says FOMC does not know the extent of the impact of tighter credit conditions; do not see the impact just yet, that argues for being alert when considering future rate hikes

• Fed’s Bostic (2024 voter, neutral) maintains view Fed policy rate needs to rise to 5.00-5.25% range, policy rate will need to remain at that level well into 2024

  Fed’s Bostic (2024 voter, neutral) maintains view Fed policy rate needs to rise to 5.00-5.25%…