Lightly penciled in Dec rate hike

  • Fed balance sheet unwinding to be boring and run on autopilot
  •  Reiterates very little slack left in labor market
  •  Fed balance sheet will be bigger than pre-crisis levels, Fed unsure what size will be
  • With a labor market this tight, inflation is likely to reassert itself
  • Good to prepare policy for future downturn

USD already underpinned before his speech  ,Cable losing 0.5% in the first few hours of trading at 1.3117 writing this .
USDJPY 113.70
EURUSD 1.1646
USDCHF 0.9975
AUDUSD 0.7645
NZDUSD 0.6920
USDCAD 1.2695

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