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Bullard Helps Fuel Potential Hawkish Reaction In Event Of Another CPI Beat

STIR FUTURES
  • Fed Funds implied hikes keep 69-70bps for the Sept FOMC and hold onto yesterday’s steady gains with a cumulative 124bp to year-end and 131bp to an implied peak of 3.65% in Mar’23 before 54bps of cuts to Dec’23.
  • MNI’s Exclusive Interview with Bullard (’22 voter) yesterday could add further fuel to a hawkish reaction in the event of another beat in today’s CPI – full preview here: https://marketnews.com/mni-us-cpi-preview-buckle-up
  • The Fed will be prepared to hold interest rates "higher for longer" should inflation continue to surprise to the upside, and market pricing will need to adjust accordingly, with the destination a little bit higher than what he thought even a couple months ago. A podcast of the interview is available here https://marketnews.com/podcasts/ with the text highlights here: https://marketnews.com/mni-interview-bullard
  • Further Fedspeak post US CPI with ’23 voters in Evans (1100ET) and Kashkari (1400ET).

FOMC-dated Fed Funds futures implied rate at specific meetingsSource: Bloomberg

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  • Fed Funds implied hikes keep 69-70bps for the Sept FOMC and hold onto yesterday’s steady gains with a cumulative 124bp to year-end and 131bp to an implied peak of 3.65% in Mar’23 before 54bps of cuts to Dec’23.
  • MNI’s Exclusive Interview with Bullard (’22 voter) yesterday could add further fuel to a hawkish reaction in the event of another beat in today’s CPI – full preview here: https://marketnews.com/mni-us-cpi-preview-buckle-up
  • The Fed will be prepared to hold interest rates "higher for longer" should inflation continue to surprise to the upside, and market pricing will need to adjust accordingly, with the destination a little bit higher than what he thought even a couple months ago. A podcast of the interview is available here https://marketnews.com/podcasts/ with the text highlights here: https://marketnews.com/mni-interview-bullard
  • Further Fedspeak post US CPI with ’23 voters in Evans (1100ET) and Kashkari (1400ET).

FOMC-dated Fed Funds futures implied rate at specific meetingsSource: Bloomberg