May 23, 2024 10:32 GMT
Data To Trump Bostic’s Sixth Appearance Of The Week
STIR
- Fed Funds implied rates are near unchanged on the day, giving up an overnight increase to leave a rate path similar to before yesterday’s FOMC minutes (which were digested with little fanfare at the time).
- Cumulative cuts from 5.33% effective: 0.5bp Jun, 5bp Jul, 17bp Sep, 26bp Nov and 40bp Dec.
- Today sees the sixth appearance of the week for Atlanta Fed’s Bostic (’24 voter) – speaking in a student Q&A – with greater focus on initial jobless claims for a payrolls reference period and preliminary US PMIs.
- Bostic’s prior appearances can be summed up by him still not expecting to cut rates before Q4, noting that rates are restrictive but their efficacy could be weaker.
- Goldman Sachs CEO David Solomon yesterday said he sees zero rate cuts this year.
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