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Daly On Work Far From Done

FED
  • Daly (’24 voters): “Our work is far from done, so we are still resolute and completely united on achieving price stability”
  • Data dependency: “We have a couple more inflation releases before the next FOMC meeting. We have a couple more labor market reports including one this Friday, and I really am looking to seeing what those data tell us about whether we can downshift a little bit the pace of rate hikes or if we need to continue.”
  • *DALY: MAY SEE MODEST INCREASE IN JOBLESS RATE, NOT LARGE ONE… STILL POSSIBLE EVERYONE THAT WANTS A JOB CAN GET ONE – bbg
  • *DALY: I DON'T SEE A LABOR MARKET THAT'S IN A RECESSION – bbg
  • The comments hit as Fed hike expectations had already firmed with the US open and also with continued Taiwan developments so it’s hard to pick out the impact. That said, Sep pricing has dipped slightly from session highs to still sit at 58.5bps for a 3.5bps increase from earlier in the session, and now with a cumulative 101bps of hikes over the three meetings left this year.
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