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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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26-01-2022 10:29:44 (UTC+7)

EUR/USD

1.1283

-0.0016 (-0.15%)

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EUR/USD

1.1283

-0.0016 (-0.15%)

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GBP/USD

1.3496

0.0000 (0.00%)

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USD/JPY

114.32

+0.46 (+0.40%)

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AUD/USD

0.7156

+0.0008 (+0.10%)

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USD/CAD

1.2628

+0.0001 (+0.01%)

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EUR/JPY

128.98

+0.32 (+0.25%)

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EUR/CHF

1.0386

+0.0011 (+0.11%)

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Gold Futures

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Silver Futures

23.828

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Copper Futures

4.4830

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Crude Oil WTI Futures

86.99

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Brent Oil Futures

88.55

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Natural Gas Futures

4.127

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US Coffee C Futures

237.83

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Euro Stoxx 50

4,157.25

+78.99 (+1.94%)

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S&P 500

4,405.00

+48.55 (+1.11%)

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DAX

15,426.14

+302.27 (+2.00%)

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FTSE 100

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Hang Seng

24,289.90

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US Small Cap 2000

2,021.40

+16.60 (+0.83%)

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IBEX 35

8,627.16

+147.66 (+1.74%)

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BASF SE NA O.N.

67.260

+1.930 (+2.95%)

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Bayer AG NA

51.47

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223.93

+3.88 (+1.76%)

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Adidas AG

244.43

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Deutsche Lufthansa AG

7.040

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Siemens AG Class N

141.10

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11.362

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 EUR/USD1.1283Sell
 GBP/USD1.3496↑ Sell
 USD/JPY114.32↑ Sell
 AUD/USD0.7156↑ Sell
 USD/CAD1.2628Neutral
 EUR/JPY128.98↑ Sell
 EUR/CHF1.0386Sell
 Gold1,836.15↑ Sell
 Silver23.828↑ Sell
 Copper4.4830↑ Sell
 Crude Oil WTI86.99↑ Sell
 Brent Oil88.55↑ Sell
 Natural Gas4.127↑ Buy
 US Coffee C237.83↑ Sell
 Euro Stoxx 504,157.25↑ Sell
 S&P 5004,405.00↑ Sell
 DAX15,426.14↑ Sell
 FTSE 1007,476.37↑ Sell
 Hang Seng24,289.90↑ Buy
 Small Cap 20002,021.40↑ Sell
 IBEX 358,627.16↑ Sell
 BASF67.260↑ Sell
 Bayer51.47Sell
 Allianz223.93Neutral
 Adidas244.43↑ Sell
 Lufthansa7.040↑ Buy
 Siemens AG141.10↑ Sell
 Deutsche Bank AG11.362↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,190/ 6,240
(-5/ -5) # 1,175
SJC HCM6,180/ 6,245
(-10/ -10) # 1,179
SJC Hanoi6,180/ 6,247
(-10/ -10) # 1,181
SJC Danang6,180/ 6,247
(-10/ -10) # 1,181
SJC Nhatrang6,180/ 6,247
(-10/ -10) # 1,181
SJC Cantho6,180/ 6,247
(-10/ -10) # 1,181
Cập nhật 26-01-2022 10:29:46
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ↀ Giá vàng thế giới
$1,836.68-13.06-0.71%
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ʘ Giá bán lẻ xăng dầu
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$87.12-0.24-0.27%
Brent$89.74-0.14-0.16%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.460,0022.770,00
EUR24.918,8126.315,80
GBP29.789,2431.061,45
JPY192,82204,12
KRW16,3519,92
Cập nhật lúc 18:54:49 26/01/2022
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