Warsh was more comfortable up there than I expected. But a lot of stock phrases etc. I'll just say, if he's always going to answer economy questions in the way he did, there's no real reason to have a press conference after every meeting.
Ahead of the March quarterly contract final expiry, SOFR futures open interest, including One-month and Three-month expiries, have hit a new record of 15.8M contacts
longer end remains quite....rates mostly unchanged. while front 2s & 5s moved well.
1 - Higher chances of Hikes has increased.
2 - Warsh Credibility has been established after such FOMC reforms.
Five Task forces by FED Warsh
1. Fed Communications
2. Fed's Balance Sheet
3. Use and reliance on existing data sources
4. Productivity and jobs
5. Fed's inflation frameworks
Fed Hike Expectations On The Rise Post-FOMC
The OIS market is now pricing 14bp of hikes for September FOMC, up from 8bp of hikes ahead of the meeting. December is now pricing 30bp of cumulative hikes, up from 21.3bp before today's release.
How fast and far will the UAE increase oil production if the US-Iran MoU holds, now that it's free of Opec restrictions? @IEA points to a quick ramp up to record highs as soon as Q3 #OOTT