Page 38 - Fomc News Today

The minutes began with the usual review of the economic conditions, stating that the economy is weakening faster than expected back in July.

"All of you who are looking for a pivot, be careful what you wish for," the chief economic adviser at Allianz SE and Gramercy Funds chairman said.

For the first three quarters, total issuance sits at $308.440 billion, down from $361.932 billion in 2021. Taxables are down 48.0% to $45.724 billion from $87.979 billion.

"It will take time for the full effect of tighter financial conditions to work through different sectors and to bring inflation down," Brainard said. "Monetary policy will need to be restrictive for some time to have confidence that inflation is moving back to target."

Triple-A yields rose more than three-quarters of a point on the front end and nearly half a point out long in September as munis posted 3.84% losses.

"The lack of progress thus far has me thinking much more now that we have to get to a moderately restrictive stance," he told reporters Wednesday.

Shelter is the highest part of the consumer price index and it is a lagging indicator, meaning prices may have already reached their highest.

KUALA LUMPUR: The ringgit continued to weaken against the US dollar, breaching the 4.57 level as the greenback continued to strengthen after the latest interest rate hike by the American central bank. Lower oil prices also weighed on the local currency.

One-year rates have risen 100 basis points, intermediate maturities have traded up about 25 basis points and long-term munis are nearly 50 basis points above June's close.

The nations central bank raised the Federal Funds rate by 75 bps, bringing it to 3.25%.