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Jul 13, 2022

Traders Fully Price 75-Basis-Point Fed Hike at July Meeting

Garfield Reynolds, Bloomberg News

The seal of the U.S. Federal Reserve Board of Governors across the street from the Marriner S. Eccles Federal Reserve building in Washington, D.C., U.S., on Sunday, Dec. 19, 2021. The Federal Reserve chair has tempered his ambition to restore the labor market to its pre-pandemic strength, as the central bank confronts surging inflation and a workforce still constrained by Covid-19. Photographer: Samuel Corum/Bloomberg

The seal of the U.S. Federal Reserve Board of Governors across the street from the Marriner S. Eccles Federal Reserve building in Washington, D.C., U.S., on Sunday, Dec. 19, 2021. The Federal Reserve chair has tempered his ambition to restore the labor market to its pre-pandemic strength, as the central bank confronts surging inflation and a workforce still constrained by Covid-19. Photographer: Samuel Corum/Bloomberg , Bloomberg

(Bloomberg) -- Money markets are betting on a three quarter-percentage point hike by Federal Reserve officials later this month, wagering the US will need to keep the screws on policy to tame inflation.

The repricing comes ahead of a key inflation report due Wednesday. A 75-basis-point increase would be the second in a row of that magnitude.

The Fed boosted the target to a range of 1.5% to 1.75% in June, the largest hike since 1994. The move came in the wake of hotter-than-anticipated inflation indicators.

©2022 Bloomberg L.P.

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