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Fed Rate Path Lifts Modestly, String Of Permanent Voters Ahead

STIR
  • Fed Funds implied rates sit marginally higher overnight but maintain a broad picture with minimal further hikes expected and still more than 90bps of cuts priced to end-2024. See the table for the latest run.
  • Gov. Cook (voter) earlier today spoke on financial stability, noting that rising geopolitical tensions pose market risks and that repeating that she’s monitoring nonbank vulnerabilities (the latter an area of increased public focus at the Fed).

Today’s Fedspeak schedule, all permanent voters:

  • Chair Powell opening remarks at 0915ET (text, no Q&A). He will also speak in an IMF panel discussion tomorrow also with text.
  • NY Fed’s Williams (voter) keynote address at Fed research conference at 1340ET (text, no Q&A)
  • VC Supervision Barr (voter) on Community Reinvestment Act at 1400ET (no text, just Q&A)
  • VC Jefferson (voter) closing remarks at 1645ET (text, no Q&A).

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