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Waller ramps up the hawkishness

In his speech late last night, Christopher Waller became the first Fed Governor to throw his weight behind St Louis Fed President James Bullard’s call for 100bp of rate hikes by the middle of the year. Nevertheless, we expect Chair Jerome Powell to push back on those suggestions at his semi-annual testimony to Congress next week, even if the economic fallout from the invasion of Ukraine remains limited.

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