Fed's Daly: The case for 50 bps hike is 'now complete'

• We can also make announcements on reducing the balance sheet as soon as May
• Since March meeting, we have seen new evidence that the economic expansion is self-sustaining
• Hiking to 2.50% this year is not abrupt or surprising
• Expect US economic growth to slow below trend but not tip into recession
• Premature to decide how restrictive policy may need to get, need to evaluate inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term and supply chains
• US labor market is 'frothy'

The market is pricing in a 99.6% chance of a 50 bps hike; this confirms it. The bigger question will be about what the FOMC tees up for the subsequent meeting. A big part of that will depend on the CPI report that's due a week after the FOMC decision.