Timiraos: Fed 'barreling toward' a 75 bps hike in November

WSJ Fedwatcher Nick Timiraos is out with his latest and says:

"Federal Reserve officials are barreling toward another interest-rate rise of 0.75 percentage points" and whether to signal a smaller hike in December.

He highlights a divide in the Fed with some wanting to slow the pace of hikes and others worried that inflation isn't falling.

"Fed policy makers face a series of decisions. First, do they raise rates by a smaller half-point increment in December? And if so, how do they explain to the public that they aren’t backing down in their fight to prevent 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 from becoming entrenched?"

The market is 93% priced for a 75 bps hike with the remainder on 100 bps. But the market is taking a dovish read on this report as it highlights the potential for a slowdown later.

The US dollar US Dollar The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel Read this Term has given back some gains and that shows:

1. USD longs are a crowded trade
2. Timiraos has a lot of credibility with markets

That said, the article doesn't read like any kind of signal to me. It highlights the divisions at the Fed and the data that officials will need before making a decision at the December FOMC. The content of the article is also less dovish than some of the headlines coming out of it.

Is it also possible the BOJ attempted to stomp on USD/JPY at the same time?