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Bostic: UK Tax Cut Proposals Have Increased Uncertainty

FED
  • Bostic ('24 voter) notes UK tax cut proposals have increased uncertainty and don't help global recession odds.
  • Despite that, 2YY are 7bps above session lows (+7.9bps on the day) but still only in the middle of the day's wide range, whilst the terminal Fed Funds is currently eyed at 4.71% with the May'23 FOMC.
  • Other notable comments:
  • *BOSTIC: NEED TO CONTROL INFLATION, WILL BE VOLATILE UNTIL THEN - bbg
  • *BOSTIC: WE'VE STILL GOT A WAYS TO GO TO CONTROL INFLATION - bbg
  • *BOSTIC: FED NOW GETTING TO WHAT MAY BE SEEN AS MORE RESTRICTIVE - bbg
  • *BOSTIC: FED OFFICIALS REGULARLY TALK WITH GLOBAL COUNTERPARTS - bbg
  • *BOSTIC: I'M LASER FOCUSED ON THE FED'S DUAL MANDATE
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  • Bostic ('24 voter) notes UK tax cut proposals have increased uncertainty and don't help global recession odds.
  • Despite that, 2YY are 7bps above session lows (+7.9bps on the day) but still only in the middle of the day's wide range, whilst the terminal Fed Funds is currently eyed at 4.71% with the May'23 FOMC.
  • Other notable comments:
  • *BOSTIC: NEED TO CONTROL INFLATION, WILL BE VOLATILE UNTIL THEN - bbg
  • *BOSTIC: WE'VE STILL GOT A WAYS TO GO TO CONTROL INFLATION - bbg
  • *BOSTIC: FED NOW GETTING TO WHAT MAY BE SEEN AS MORE RESTRICTIVE - bbg
  • *BOSTIC: FED OFFICIALS REGULARLY TALK WITH GLOBAL COUNTERPARTS - bbg
  • *BOSTIC: I'M LASER FOCUSED ON THE FED'S DUAL MANDATE