Federal Reserve Raises Rates 50 Basis Points First Time Since 2018 as Expected

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    Wednesday, March 23

    NEW YORK – Federal Reserve Bank of Francisco President Mary Daly participates in a conversation at the Bloomberg Equality Summit, 1145 EDT/1545 GMT. Register for virtual attendance or request an in-person pass at https://events.bloomberglive.com/bloomberg-equality-summit-measuring-the-movement/page/1995517/register. Contact: Marshall Eckblad, 415-271-7307 or marshall.eckblad@sf.frb.org

    Thursday, March 24

    MINNEAPOLIS – Federal Reserve Bank of Minneapolis President Neel Kashkari participates in a moderated audience Q&A focused on national economy, recovery, and workforce, hosted by Fargo-Moorhead Chamber of Commerce, 0730 CDT/0830 EDT/1230 GMT. Audience Q&A expected. No media Q&A. Livestream available at minneapolisfed.org/live

    WASHINGTON – Federal Reserve Gov. Christopher Waller speaks at virtual “Tel Aviv University and Rutgers University Webinar: Recent Fiscal and Monetary Policies and Implications for U.S. and Israeli Real Estate Markets,” 0910 EDT/1310 GMT. Text expected. Q&A from moderator expected. Media must register at https://alrov.activetrail.biz/March-24-Eng to access the livestream. Contact: Eynat Meythal, Tel Aviv University, alrovinst@tauex.tau.ac.il, +972 547 681 001

    DETROIT – Federal Reserve Bank of Chicago President Charles Evans speaks on current economic events and monetary policy before the Detroit Regional Chamber 2022 State of the Region event, 0850 CDT/0950 EDT/1350 GMT. Livestream available. No audience Q&A. Embargoed text and media scrum expected. The Beacon, 1 Woodward Avenue. RSVP: Chris Moyer, cmoyer https://www.detroitchamber.com/sor/

    ATLANTA – Federal Reserve Bank of Atlanta President Raphael Bostic participates in a moderated conversation on increasing minority participation in the economics profession at Spelman College Convocation Series, 1100 EDT/1500 GMT. Livestream expected. Audience Q&A expected. No media Q&A. No embargoed text. Sisters Chapel of Spelman College, 350 Spelman Lane. Contact: Karen Mracek, karen.mracek@atl.frb.org

    Friday, March 25

    NEW YORK – Federal Reserve Bank of New York President John Williams participates in virtual “Challenges for Monetary Policy and Financial Stability” panel before the Central Reserve Bank of Peru Centenary Conference organized by the Central Reserve Bank of Peru and Bank for International Settlements, 1000 EDT/1400 GMT. Via Webinar. Text and moderated Q&A expected. Livestream via https://www.youtube.com/user/bisbribiz. Information: https://www.bis.org/events/bcrpconf2022.htm. Contact: Brian Manning, brian.manning@ny.frb.org

    SAN FRANCISCO – Federal Reserve Bank of Francisco President Mary Daly makes introductory remarks to the Macroeconomics and Monetary Policy Conference, hosted by the San Francisco Fed’s Economics Research Department, 0800 PDT/11 EDT/1500 GMT. Event is closed to media with no media availability afterward. Daly’s comments will be posted on FRBSF.org and also available by request. Contact: Marshall Eckblad, 415-271-7307 or marshall.eckblad@sf.frb.org

    CHARLESTON, S.C. – Federal Reserve Bank of Richmond President Thomas Barkin gives in-person speech before the Citadel Directors Institute 2022 hosted by the Tommy and Victoria Baker School of Business at The Citadel Foundation, 1130 EDT/1530 GMT. No livestream. Text available. Audience Q&A expected. Francis Marion Hotel, 387 King Street. Contacts: Vanya Perez, 843 953 5056 or vperez https://go.citadel.edu/cdi/agenda/


    With USDJPY hitting 5+ year highs the much-heralded FOMC rate hike fed dollar bulls despite $USD weakness v commodity currencies such as $AUDUSD.
    Wk to March 22 specs increased length by 45% to $15.4bn vs ten IMM #futures and #DXY.
    via @Ole_S_Hansen

    Helmholtz Watson

    Fed Minutes

    ‘Many’ participants noted they would have preferred a 50 bps hike
    Participants judged appropriate to move to neutral ‘expeditiously’
    Participants noted that — depending on developments — a move to tighter policy stance could be warranted
    Participants generally agreed to monthly caps of about $60B for Treasury securities and $35B for MBS
    Participants generally agreed that caps could be phased in over a period of three months or modestly longer
    All participants underscored the need to remain attentive to the risks of further inflation
    Participants generally agreed that after balance sheet runoff well underway, would be appropriate to consider sales of MBS
    Many noted that one or more 509 bps increases in the target range could be appropriate at future meetings, particularly if inflation pressure s remained
    Participants agreed Fed was ell placed to begin balance sheet reduction as early as the May FOMC meeting
    Several participants judged that the upside risks to inflation from the war were more pronounced than downside growth risks



    The Federal Reserve raised rates by a half of a percent at their May meeting. The this was the first since May 2000 when the Fed was led by Alan Green
    [See the full post at: Federal Reserve Raises Rates 50 Basis Points First Time Since 2018 as Expected]

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