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"Government in Sunshine" Emergency Fed Meeting on Monday to Discuss Inflation

There's an emergency Fed meeting scheduled. Will the Fed hike or make excuses?
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Image courtesy of Federal Reserve 

Image courtesy of Federal Reserve 

Closed Board Meeting

The Fed will conduct a Closed Board Meeting on February 14, 2022, undoubtedly to discuss inflation (emphasis theirs).

Government in the Sunshine Meeting Notice

Advanced Notice of a Meeting under Expedited Procedures

It is anticipated that the closed meeting of the Board of Governors of the Federal Reserve System at 11:30 a.m. on Monday, February 14, 2022, will be held under expedited procedures, as set forth in section 261b.7 of the Board's Rules Regarding Public Observation of Meetings, at the Board's offices at 20th Street and C Streets, N.W., Washington, D.C.. The following items of official Board business are tentatively scheduled to be considered at that meeting.

Matter(s) to be Considered: 

1. Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks.

Government in the Sunshine

I vote for full sunshine. Let the public in.

Since that will never happen, how about a full unedited transcript? 

It's just after midnight Central on the 14th and the futures are calm. 

The bets have been placed and speculators have rolled back the odds of a double-hike in Match to 56%, down from over 90% on Thursday on the CPI data release.

See CPI Jumps Most Since February 1982, Up at Least 0.5% 9 Out of Eleven Months

Following the CPI release St. Louis Fed President James Bullard stated in a Bloomberg video:

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I’d like to see 100 basis points in the bag by July 1. I was already more hawkish but I have pulled up dramatically what I think the committee should do.”

On that announcement the market put the odds of a double hike at 97%.

Target Rate Probabilities for March 2022 as of 2022-02-10

On Friday the I noted White House Issues "Imminent Threat" Warning on Russia Invading Ukraine and that's when yields suddenly plunged and rate hike odds as well.

Will Powell do something or will he chastise Bullard for speaking his mind?

Regardless, the words government and sunshine don't really mix well.

This post originated at MishTalk.Com.

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