Markets ahead of Powell Part 2 – Fed funds futures are rebounding modestly, and mostly in deferred contracts, after this week’s selloff, as the still tame PCE deflator data should ease some of the fears of aggressive Fed tightening this year. The market is still pricing in three 25 bp rate hikes for 2018, beginning with the upcoming March 20, 21 FOMC. That should be followed by moves in June and September. And there’s about a 25% to 30% chance for four hikes with one in December. The markets will await the Chairman Powell’s testimony before the Senate Banking Committee for further insight on his views and whether he tries to calm fears.
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