Global Macro Strategy

Citi shifts strategy to long USDNOK following a surprisingly hawkish Federal Reserve meeting led by Chair Warsh. The firm also exited its Dec26/Dec27 steepener trade and initiated a new SFRZ6 payer hedge.

Key Takeaways

• 1.The Fed was surprisingly hawkish in Chair Warsh's first meeting, with nine of 18 dots signaling a hike and an emphasis on price stability.
• 2.Strategy shifts include going long USDNOK and exiting the Dec26/Dec27 steepener trade.

Table of Contents

• CITI'S TAKE
• Appendix A-1

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