• "Overall, the January FOMC meeting reinforces our view that the Fed will likely need to hike more than the market is currently pricing. This should push rates higher across the US rates curve & in a bear flattening bias,"
  • "USD strongly and broadly appreciated on the back of today's hawkish FOMC decision, with gains skewed somewhat toward lower beta FX - EUR, JPY and CHF. Notably, USDJPY rose by about 2sd on the day, outperforming within the G10 complex. US dollar gains accelerated from an initially modest level post-statement release throughout Chair Powell's press conference. We remain bullish USD vs. low beta FX and would look to buy dips on a trend basis into rate liftoff as the market further prices in a more aggressive Fed and hence additional monetary policy divergence,"

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