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Fed's Brainard nods to March rate hike as calls for action grow

Thursday, January 13, 2022

By Lindsay (NYSE:LNN) Dunsmuir and Ann Saphir

(Reuters) - As continued high inflation eats further into Americans' pocketbooks, Federal Reserve Governor Lael Brainard on Thursday became the latest, and most senior, U.S. central banker to signal that the Fed is getting ready to start raising interest rates in March.

“The committee has projected several hikes over the course of the year," Brainard told the Senate Banking Committee, which is considering U.S. President Joe Biden's bid to promote her to the post of Fed vice chair.

"We will be in a position to do that, I think, as soon as our purchases are terminated, and we’ll simply have to see what the data requires over the course of the year," she said.

The Fed in December announced plans to wind down its assets purchases by March, faster than it had projected just a month earlier.

With inflation rising 7% in December from a year earlier -- the fastest pace in nearly 40 years -- a chorus of Fed policymakers have in recent days signaled an eagerness to speed up the tightening process further.

"My forecast is that we'd have a 25-basis-point increase in March barring any changes in the data," Philadelphia Fed President Patrick Harker said at a virtual event hosted by the Philadelphia Business Journal earlier Thursday.

"I definitely see rate increases coming, as early as March even," San Francisco Fed President Mary Daly said late Wednesday.

Atlanta Fed President Raphael Bostic, St. Louis Fed President James Bullard and Cleveland Fed President Loretta Mester also flagged a March rate hike in Wednesday remarks.

In December most Fed policymakers thought they would need to raise rates at least three times this year, but in recent weeks -- with inflation remaining well above their 2% goal and the labor market closing in on their full-employment goal -- they've honed in on a March start to that process.

With a March interest rate rise now firmly on the table, several -- including Brainard on Thursday -- have also signaled they want to start shrinking the Fed's $8 trillion balance sheet this year. That would also remove policy accommodation and reduce downward pressure on long-term borrowing costs.

Investors currently see an 83% probability that the Fed will raise its benchmark overnight lending rate, still set at the near-zero level, at its March 15-16 policy meeting, according to CME Group’s FedWatch program. They are pricing in another three rate hikes this year.

Earlier this week, Fed Chair Jerome Powell also threw his weight behind a firm tightening of monetary policy this year, arguing the strong economy, despite the surge in cases due to the Omicron variant, no longer "needs or wants" as much stimulus, as he flagged coming rate hikes and a shrinking balance sheet.

Harker said Thursday he sees the Fed beginning to reduce the size of its balance sheet in late 2022 or early 2023 and that its ultimate composition was still being debated by his colleagues.

Brainard, for her part, said the Fed will try to bring inflation down "as quickly as we can but consistent with a sustained and strong recovery."

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16-01-2022 23:37:36 (UTC+7)

EUR/USD

1.1418

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EUR/USD

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US Coffee C Futures

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Euro Stoxx 50

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Adidas AG

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Deutsche Lufthansa AG

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 EUR/USD1.1418↑ Sell
 GBP/USD1.3678Buy
 USD/JPY114.43Sell
 AUD/USD0.7210Neutral
 USD/CAD1.2536↑ Sell
 EUR/JPY130.65Neutral
 EUR/CHF1.0440Sell
 Gold1,819.35↑ Buy
 Silver23.035↑ Buy
 Copper4.4220↑ Sell
 Crude Oil WTI83.50Neutral
 Brent Oil86.13↑ Sell
 Natural Gas4.327↑ Sell
 US Coffee C239.65↑ Buy
 Euro Stoxx 504,272.19Buy
 S&P 5004,662.85↑ Buy
 DAX15,883.24↑ Buy
 FTSE 1007,542.95Sell
 Hang Seng24,221.43↑ Sell
 Small Cap 20002,161.48↑ Buy
 IBEX 358,806.60↑ Buy
 BASF68.110Sell
 Bayer52.59↑ Sell
 Allianz227.00↑ Sell
 Adidas252.35Buy
 Lufthansa7.241↑ Buy
 Siemens AG145.86Neutral
 Deutsche Bank AG11.954Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,115/ 6,155
(-5/ -5) # 1,145
SJC HCM6,110/ 6,170
(10/ 0) # 1,160
SJC Hanoi6,110/ 6,172
(10/ 0) # 1,162
SJC Danang6,110/ 6,172
(10/ 0) # 1,162
SJC Nhatrang6,110/ 6,172
(10/ 0) # 1,162
SJC Cantho6,110/ 6,172
(10/ 0) # 1,162
Cập nhật 16-01-2022 23:37:38
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ↀ Giá vàng thế giới
$1,819.69+1.980.11%
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ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2400024480
RON 95-II,III2390024370
E5 RON 92-II2291023360
DO 0.05S1838018740
DO 0,001S-V1873019100
Dầu hỏa1719017530
ↂ Giá dầu thô thế giới
WTI$83.48+0.370.44%
Brent$85.62+0.420.49%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.540,0022.850,00
EUR25.234,8826.649,42
GBP30.246,4531.537,99
JPY192,66203,94
KRW16,5020,10
Cập nhật lúc 11:31:34 17/01/2022
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