As mentioned yesterday in our FOMC preview, we wrote our piece before the Wall Street Journal ‘leak’ on the Fed jettisoning the guidance for the May meeting and going for a 75bps hike instead of a 50bps hike. We thought that the July meeting would be the first opportune moment, but clearly, we were wrong. Then again, when you see big banks suddenly ‘predicting’ a 75bps hike after the Journal story, they’re not predicting anything. They’re just taking their cue from Chair Powell or whoever whispers in the WSJ’s journo’s ear.

 

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