Nordea rates strategist Jussi Hiljanen says stronger-than-expected US growth
implies policy is not restrictive and supports further Fed tightening. Fed
governor Waller has flagged a possible 50bp move, but Nordea expects most
officials prefer smaller, incremental hikes spaced every other meeting.
Nordea forecasts a 25bp increase in December and another 25bp in March. It
expects the 10-year US Treasury yield to trade around 5% in the coming weeks.
