Fed speakers offered no fresh cues – Deutsche Bank

Research Team at Deutsche Bank, suggests that there was a bit more Fedspeak for us to note yesterday, although none of which particularly moved the dial giving it largely replicated much of what we’ve heard in the last week or so.

Key Quotes

“Speaking after the US close, the Philadelphia Fed President Harker, usually of a hawkish leaning (and a non-voter this year), said that while he would not commit to a definitive path of how the Fed’s policy should evolve, did highlight that ‘I can easily see the possibility of two or three rate hikes over the remainder of the year’ while also suggesting that should the data come in as expected, then he would also see a June increase as appropriate.

Prior to this we’d heard similar comments from San Francisco Fed President Williams, also a slightly more hawkish non-voter this year, who said that two to three rate increases this year are still about right. This echoes comments Williams made last month so was nothing new.

The other comments yesterday came from St Louis Fed President Bullard who tends to be slightly more hawkish than that of his aforementioned colleagues (and is a voter this year), who said that he does not see the upcoming risk of Brexit as affecting the Fed’s decision making progress.”