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Free AccessFed Implied Rates Nudge Lower, Chicago Fed On Lags From Tightening
- Fed Funds implied terminal pricing has consolidated yesterday’s pullback off highs and they continue to moderate a little further in 2024, but the surprise strength in ISM Services continues to hold sway.
- Cumulative hikes from 5.33% effective: +1.5bp Sep (unch), +12.5bp Nov (unch) to terminal 5.46%.
- Cuts from Nov terminal: 1.5bp to Dec’23, 38bp to Jun’24 (from 38bp) and 104bp to Dec’24 (from 101bp for new recent lows).
- There’s a stacked Fedspeak schedule, mostly tilted later in the session with Harker (’23), Goolsbee (’23), Williams (voter), Bostic (’24) and Bowman (voter) all lined up.
- This month’s Chicago Fed Letter wrote that “although the majority of the effects on output and inflation have already occurred, the policy tightening that has already been implemented will exert further restraint in the quarters ahead […] sufficient to bring inflation back near the Fed’s target by the middle of 2024 while avoiding a recession.” More here. https://www.chicagofed.org/publications/chicago-fed-letter/2023/483
Source: Bloomberg
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Why MNI
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