• We also need to increase rates again at the March meeting
  • Our future policy decisions need to continue to be data-dependent
  • Inflation remains far too high
  • Interest rates will have to rise significantly at a steady pace to reach levels sufficiently restrictive

The market is pricing in a 93% chance of a 50 bps hike next week with the remainder at 75 bps. Another 50 bps is expected in March and then it gets murky.