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Sep 22 - 02:55 PM

USD: We Now Expect A 75bps Hike In November, 50bps In December, And 25bp In February - Citi

By eFXdata  —  Sep 22 - 01:30 PM

Citi discusses its updated Fed call in light of yesterday's FOMC policy decision.

"CitiFX Strategy writes that the September FOMC substantively came in slightly more hawkish than their expectations and that of Citi’s economists. The median projections for 2022 and 2023 signaled a policy rate of 4.4% and 4.6%, respectively, higher than the base case (4.1% and 4.4%), even though the risks to the dots were on the hawkish side," Citi notes. 

"We are adding 25bp of cumulative hikes to our projections and now expect a 75bp hike in November, 50bp in December, and 25bp in February for a terminal rate of 4.5-4.75%," Citi adds. 

Source:
Citi Research/Market Commentary

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