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FEDERAL RESERVE

• As expected, the FOMC hiked rates by 25bps to 1.00-1.25% – the second hike of 2017, and the fourth in the current tightening cycle. Minneapolis Fed President Neel Kashkari was the lone dissenter, once again.

• The revisions to its economic projections were mostly in-line with the market view: near-term growth was raised, but the Fed is more pessimistic than analysts in...

FEDERAL RESERVE

• A 25bps hike to the Federal Funds Rate target on 14 June 2017 is pretty much a done deal, with money markets pricing in a 99.6% chance that rates will be lifted for the second time this year to 1.00-1.25%. The real question is whether the Fed will maintain its “gradual” hike trajectory, which sees a total of tspanee rate rises per annum in 2017, 2018 and 2019.
• The FOMC will also update its economic projections, which aren’t likely to see any dramatic changes in...