Michelle Bowman

These are strong comments. 75 bps gets the Fed to 2.25-2.50% at the next meeting. Hikes of 50 bps at "next few meetings" could be seen as at least 3 meetings, which would get to 3.75%-4.00%.

Right now, the Fed funds market is pricing in a peak in the 3.25-3.50% range as the focus shifts to growth.