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Fed 2024 Cuts At Lower End Of Post-CPI Range

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  • Fed Funds implied rates modestly extend Friday’s climb to leave the 92bp of cuts priced over 2024 at the lower end of the 90-100bp range seen since last week’s softer than expected US CPI.
  • There is a cumulative 18.5bp of cuts priced for May having come close to being fully priced last week, whilst the second cumulative cut is seen landing in September although remains close to July (46bp cumulative).
  • Barkin (’24 voter) is the sole scheduled Fed speaker today at 1200ET in an interview with Fox Business. He has spoken numerous times recently, noting that the Fed has time to monitor the economy with rates restrictive but continued strong growth could warrant higher rates.
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  • Fed Funds implied rates modestly extend Friday’s climb to leave the 92bp of cuts priced over 2024 at the lower end of the 90-100bp range seen since last week’s softer than expected US CPI.
  • There is a cumulative 18.5bp of cuts priced for May having come close to being fully priced last week, whilst the second cumulative cut is seen landing in September although remains close to July (46bp cumulative).
  • Barkin (’24 voter) is the sole scheduled Fed speaker today at 1200ET in an interview with Fox Business. He has spoken numerous times recently, noting that the Fed has time to monitor the economy with rates restrictive but continued strong growth could warrant higher rates.