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Consolidating Post Retail Sales Climb

STIR FUTURES
  • Fed Funds implied hikes have stalled to consolidate yesterday’s climb for meetings later in the year, with little clear impact from Biden and McCarthy showing signs of optimism but remaining far apart on a debt deal.
  • Cumulative moves from 5.08% effective: +3.5bp Jun, -3bp Jul, -16bp Sep, -36bp Nov, -60bp Dec, -82bp Jan. All are within +/-0.5bps of yesterday’s close.
  • Bostic (’24) late yesterday: “We haven’t gotten to the hard part yet,” describing the enormous pressure central bankers would face if they were unable to bring down inflation without causing significant harm to employment. “We are going to have to be super strong and detached.”
  • A dearth of Fedspeak today after two solid days, with housing data including revisions headlining.


Source: Bloomberg

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