April 18, 2024 10:14 GMT
Fed Rates Maintain Yesterday’s Dip, Fedspeak Unlikely To Surprise?
STIR
- Fed Funds implied rates are little changed having cooled yesterday, with some dovish pricing excerpts in the Fed’s Beige Book helping consolidate the move.
- Cumulative cuts from 5.33% effective: 1bp May, 5bp Jun, 13bp Jul, 25bp Sep and 44bp Dec.
Today sees a heavy, Q&A-focused schedule for Fedspeak, but all have spoken since last week’s strong CPI release and Bowman should mostly to regulatory matters.
- 0905ET – Bowman (voter) opening remarks at banking conference (with text)
- 0915ET – Williams (voter) moderated discussion at economy summit
- 0915ET – Bowman (voter) fireside chat on Basel III roundtable
- 1100ET – Bostic (’24) fireside chat on economy
- 1745ET – Bostic (’24) fireside chat on economy and mon pol
- Potential local media comments from Collins (non-voter)
- Bowman yesterday reiterated that progress on inflation may have stalled, adding that time will tell if policy is sufficiently restrictive.
- Williams said earlier this week that the latest CPI is important info affecting forecasts but he doesn’t see the recent inflation data as a turning point. Monetary policy is in a good place.
- Bostic on Apr 12 still saw one rate cut toward the end of the year, as he likely marked down in the March SEP. “I am not in a hurry” to cut rates.
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