The Focus Of The Market Has Shifted To The Future Interest Rate Increase And Scale Reduction.

After the end of the Federal Reserve's monetary policy conference in March, the Fed officials, who were "silent" and "choked", made public speeches. Over the past two weeks, a total of thirteen Fed officials have made speeches, and there are many votes committee members this year.

With the Federal Reserve raising interest rates in March, the focus of the market has shifted to the rising interest rate in the future and the reduction of the balance sheet.

Therefore, in the Fed officials' speech, raising interest rates and shrinking the list naturally became the two most important words.

With regard to the current Fed officials' attitude towards the rising interest rate and the way to reduce their balance sheets, FX168 financial network has arranged the latest Fed officials' speeches:

Dudley, chairman of the New York Fed chairman, said in an interview on Friday, "if the economy meets our expectations, we will not be surprised at this time later this year or sometime next year when we start to make securities mature and no longer reinvest."

Dudley also pointed out, "if we start to let

Normalization can replace short-term interest rates, because he can also play a role in tightening the financial environment.

If we decide to start normalizing, it may actually be decided at the same time to temporarily suspend short-term interest rates. "

Dudley said on the same day that it would be reasonable to raise interest rates two times this year.

The Fed is not in a hurry to raise interest rates, because the economy is clearly not overheated, and it also warned that the economy might be weak in the first quarter, because the current soft data improvement is not reflected in hard data.

Brad Bullard, chairman of the Saint Louis Federal Reserve, who has FOMC voting rights in 2019, said that the Federal Reserve may be prepared to shrink its form in the second half of this year, and it can suspend interest rates when it begins to shrink the table. (James)

Brad said, "

It is appropriate, but I do not think we need to make major adjustments to keep inflation close to the target.

The current data is not strong enough for the fed to act. "

This year, the chairman of the Minnesota Fed chairman, Neel Kashkari, who voted against interest rate increases in March, said that the Fed officials were already discussing the timetable for reducing the timetable, but is expected to take a gradual and convenient way of forecasting.

Cash Kari pointed out that the latest release of the core personal consumption expenditure price index (PCE) has not yet reached the 2% target set by the Federal Reserve's inflation rate, so there is no need to speed up the pace of raising interest rates.

Meister Mester, who has the voting rights of the Federal Reserve monetary policy committee next year, has reiterated her position on Thursday, calling on the fed to further raise interest rates this year and begin to shrink its balance sheet (FOMC). (Loretta)

Meister pointed out that "if the economic development is in line with expectations, I believe we will need to further ease the easing by raising the federal funds rate.

I will also be reassured by changing our reinvestment policy this year.

Williams, chairman of the San Francisco Fed chairman who has FOMC voting rights next year, is also expected to start after raising interest rates this year, W.

。

Williams said he expected the rate increase this year to be similar to that expected after the Federal Reserve's meeting this month. But he also said he could not rule out the possibility of raising interest rates more than 3 times this year because of the upward risk this year. It may raise interest rates by three to four times this year.

Earlier this year, Haq, chairman of the Philadelphia Federal Reserve, said that the possibility of raising interest rates by more than three times this year could not be ruled out; the balance sheet should be inclined to hold treasury bonds and reduce MBS positions; Kaplan, chairman of the Dallas Federal Reserve, said that it should raise interest rates two times this year; gradually reduce its large scale balance sheet; fed governor Powell pointed out that the Federal Reserve should move slowly closer to a more neutral monetary policy stance; it is too early to predict the Federal Reserve's decision on the balance sheet.

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