May 09, 2024 10:20 GMT
Fed Rates Little Changed Ahead Of BoE & Jobless Claims
STIR
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- Fed Funds implied rates are unchanged for meetings out to Sept and after that fractionally higher on the day.
- Cumulative cuts from 5.33% effective: 3bp Jun, 9bp Jul, 21bp Sep, 30bp Nov and 43bp Dec.
- Potential spillover from the BoE rate decision offers the first point of focus before weekly jobless claims data in a particularly light data week.
- Later on, SF Fed's Daly (’24 voter) speaks in a fireside chat at 1400ET. She said Apr 16 that the worst thing the Fed can do now is act urgently as it’s not necessary - it needs to be confident inflation is going to 2% before reacting.
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