Macro - Weekly Briefings - US
The FOMC this week raised the federal funds rate by 50bp, the first half-point increase in the funds rate in 22 years. The guidance from Fed Chair Powell was to expect more of the same at upcoming meetings and we look for 50bps rate hikes at both the June and July meetings. The Fed also confirmed that it will begin reducing its Treasury and MBS holdings in June, putting the Fed on course to shrink the balance sheet by as much as $523bn in 2022 and another $1.14tn in 2023.
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