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Brainard, Logan (Incoming Dallas Fed Pres) and Mester Ahead

STIR FUTURES
  • FOMC-dated Fed Funds implied hikes see little change overnight and especially through the London session with the UK bank holiday.
  • They consolidate yesterday’s post-ISM gains with 51bp for Jun and 101bps for Jul. Further out, the rise to 143bp for Sep and 197bp to year-end has unwound the fall from last week’s collection of US PMI miss and new home sales slumping but remains within the post-May FOMC range having seen a peak of 202bps to year-end.
  • Fedspeak: Adding Vice Chair Brainard with a CNBC interview at ~1010ET to Logan (soon to be Dallas Fed president with a ’23 voter role) giving closing remarks at 1200ET before Mester (’22) discusses the economic outlook at 1300ET.

Source: Bloomberg

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