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FOMC Meeting Preview: Dovish Dreams may not Come True
The Fed is expected to deliver a 50 bp rate hike on December 14, continuing to meticulously dampen inflation pressure in the economy. However, the chances of a recession that markets price in continue to rise, as evidenced from the bond prices recovery and dollar sell-off. This undermines the Fed's efforts to ease price pressures. The Fed's hawkish message is likely to go unheeded unless the data starts to prove the central bank right. The market consensus for a 50 bp tightening appears to be strong enough – Fed funds rate futures price in this outcome with a 75% chance, while only 25% is given to an aggressive 75 ... (full story)
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