Free Trial

Dovish Fed Repricing On JOLTs, ~110bp Of '24 Cuts Priced

STIR

Softer-than-expected JOLTS data (coupled with negative revisions) drives dovish Fed repricing, likely exacerbated by the fact that the Fed’s focus is now firmly tilted towards preventing further loosening in the labour market.

  • ~37bp of cuts now priced into Fed Funds futures for this month’s FOMC i.e. near 50/50 odds of a 50bp cut. That compares to pre-data levels of ~35bp and post-data extremes of ~38bp.
  • Further out, ~109bp of cuts are priced through year end vs. ~105bp heading into the data and post-data extremes of ~112bp.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.