Repricing of Fed hikes reduces risk of disorderly adjustment

  • Markets expect the fed funds rate to rise to 4.25% by end-22 from 3.3% at end-June and 0.8% at the beginning of the year

  • Market pricing is better aligned with forward guidance and economic reality, reducing the risk of disorderly adjustment

  • EMs will still have to adjust to more prolonged financial tightness, with scope for further tightening in months ahead
September 15th, 2022
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