Fed door open to 0.75% hike after inflation data, market moves

Fed door open to 0.75% hike after inflation data, market moves

 

 

Eroding inflation data and fast-changing views in financial markets on Monday (Jun 13) have opened the door to a larger-than-expected 0.75 percentage point interest rate increase when Federal Reserve officials meet this week.

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It is a move officials had downplayed as their two-day meeting approached over recent weeks, but which they now may be poised to adopt in response to data that has yet to show progress on taming the pace of price increases.
 
The growing possibility of a surprise move was reported earlier on Monday by the Wall Street Journal, helping to further push trade in future contracts tied to Fed policy in that direction.
 
Fed officials have not commented publicly since the start of their pre-meeting "blackout" period on Jun 4, and prior to that had said that they were leaning towards a second straight half-point rate increase at their Jun 14 to Jun 15 policy meeting.
 
But that outlook was conditioned on, as Fed Chair Jerome Powell said at his May press conference, "economic and financial conditions evolving broadly in line with expectations".
 
"Expectations are that we’ll start to see inflation, you know, flattening out," he said
 
It hasn't.
 
Instead, Labor Department data released last Friday for May showed consumer price inflation accelerating to 8.6 per cent.
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