May 12, 2022 18:58 GMT
- Fed Funds implied hikes continue to ease as equities fall and the USD rises.
- Cumulative hikes for July (9.5bps) are not far off when the US came in but there have been larger slides on the day further out. Both Sep (133bp) and Dec (181bp) are ~5bp lower than prior to US CPI.
- Next inflation data tomorrow from int’l trade prices, with non-oil imports of note to see if USD strength weighs further after weak CPI apparel, along with preliminary U.Mich inflation expectations for May.