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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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 EUR/USD1.1149↑ Sell
 GBP/USD1.3386↑ Buy
 USD/JPY115.21↑ Sell
 AUD/USD0.6982↑ Buy
 USD/CAD1.2787Neutral
 EUR/JPY128.45↑ Sell
 EUR/CHF1.0379↑ Sell
 Gold1,784.70↑ Buy
 Silver22.317↑ Buy
 Copper4.3098↑ Buy
 Crude Oil WTI86.82Neutral
 Brent Oil88.50↑ Buy
 Natural Gas4.668Neutral
 US Coffee C235.85↑ Sell
 Euro Stoxx 504,136.91↑ Buy
 S&P 5004,362.80↑ Buy
 DAX15,318.95Buy
 FTSE 1007,466.07Neutral
 Hang Seng23,550.08↑ Buy
 Small Cap 20001,916.45Buy
 IBEX 358,609.80↑ Buy
 BASF68.510↑ Buy
 Bayer52.83↑ Buy
 Allianz227.80↑ Buy
 Adidas236.15↑ Buy
 Lufthansa6.791↑ Buy
 Siemens AG138.34↑ Buy
 Deutsche Bank AG11.912↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,170/ 6,230
(0/ 0) # 1,327
SJC HCM6,180/ 6,250
(0/ 0) # 1,344
SJC Hanoi6,180/ 6,252
(0/ 0) # 1,346
SJC Danang6,180/ 6,252
(0/ 0) # 1,346
SJC Nhatrang6,180/ 6,252
(0/ 0) # 1,346
SJC Cantho6,180/ 6,252
(0/ 0) # 1,346
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Sản phẩmVùng 1Vùng 2
RON 95-IV2486025350
RON 95-II,III
E5 RON 92-II2359024060
DO 0.05S1890019270
DO 0,001S-V1925019630
Dầu hỏa1779018140
ↂ Giá dầu thô thế giới
WTI$86.80+1.461.68%
Brent$90.00+11.11%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.470,0022.780,00
EUR24.449,3926.003,22
GBP29.369,5930.841,11
JPY189,35201,87
KRW16,1119,77
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