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Bostic: If There Is A Bias, It’s To Go A Bit Higher

FED
  • Reuters report Atlanta Fed’s Bostic (’24 voter), speaking on CNBC in his first of four appearances today, as saying his baseline is that we won’t be looking at cutting until well into 2024.
  • If there is a bias to action then it’s to go a bit higher, though we are currently where his March dot was (i.e. 5-5.25% per the median participant).
  • He ultimately sees appropriate policy being to wait and see the effects of tightening to now, and whilst sees some risk of recession it’s not his base case.
  • FOMC-dated OIS implied rates see a marginal 0.5bp further increase for June and +1bps for year-end rates currently at 4.41%, with those more balanced subsequent headlines keeping a lid on any reaction.
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