Fed meeting: 50 Bps is baked in, but what comes next? by KATHLEENBROOKS centralbank FOMC
for market watchers this week. The meeting concludes at 1900 BST, with the all-important press conference from Fed chair Powell at 1930 BST. The market is overwhelmingly priced for a 50bp rate hike from the Fed at this week’s meeting, which would be the first double rate hike for 22 years. What is more astonishing is that there is a 90% chance of a second 50 bp rate hike in June, and an 86% chance of a 50 bp hike to 200-225bps in July.
However, the Fed is likely to say that it will look through one quarter of bad growth, as it continues to believe that consumer spending is resilient on the back of strong wage growth for Q1. The BLS employment cost index for Q1 rose to a more than 22-year high. This is a clear sign that as we progress through 2022, the global inflation problem is more than just a supply chain issue.
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