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Pimco economists see fed funds rate getting to 4.5%, call August CPI report ‘scorching’

pimco-economists-see-fed-funds-rate-getting-to-4.5%,-call-august-cpi-report-‘scorching’

Pimco economists Tiffany Wilding and Allison Boxer, joining their counterparts at Jefferies, said August’s consumer-price index report points in favor of a fed funds rate target that should end up higher than where many expected. They said they expect the Federal Reserve’s forecasts to be adjusted up to a 4.5% terminal fed funds rate next week, and called the August CPI data “scorching.” In particular, they said that “stickier and broader based inflation argues that the Fed has more work to do.” Stocks remained sharply lower after the release, with Dow industrials DJIA, -2.66% down by almost 900 points and 3-month through 5-year Treasury yields soaring.

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