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Battle Of The 2024 Voters

FED
  • Atlanta Fed’s Bostic says 50bp hikes are already “pretty aggressive” and doesn’t see a need to hike by larger steps.
  • This goes against comments from Richmond Fed’s Barkin late on Friday who the left open the door to a 75bp hike if inflation expectations become unanchored, which importantly he doesn’t see as the case for the time being.
  • Seen at the more dovish end of the spectrum, Bostic sees the Fed raising rates two, three times, then assessing. He says the Fed will do whatever it takes to keep the economy on a solid path, whilst seeing the economy able to ride on its momentum even as we hike rates.
  • Simultaneous commentary from Kashkari (’23 voter) notes the labor market is strong but inflation is too high (with prices much too high) whilst the housing market has room to soften with prices not necessarily needing to fall.
  • Pricing for the Jun 15 FOMC dips 1bp to 54bps and 2Y Tsy yields dip 1bp back to session lows of 2.67%.
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