Fed Day: Powell's Legacy Now

If Powell states definitively he will stop hiking today or any other day between now and end of 2024, he *becomes* Burns 2.0.

Powell claims he does not want to be Burns 2.0. If he states definitively he will stop hiking today or any other day between now and end of 2024, he *becomes* Burns 2.0.

TL;DR

1. 25bps consensus

2. Data dependent

3. Reserve the right to hike a couple more times, even if it is the last hike in his mind

4. To say he is prepared to react quickly if the need arises

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Contents:

1. GoldFix on Fed role from here on in

2. NS comment

3. GS comment

4. JPM market matrix

5. BOA, DB FOMC Comments

Fed Day Today:

Everybody is weighing in on the FOMC today (see below). Almost everyone is in agreement. 25bps today and a continued guidance for up to 2 more hikes between now and EOY.