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FFQ4 Off Highs & E-minis Stabilise As Goolsbee Looks To More Data Before Sep FOMC

CROSS ASSET

Recession fear/inter-meeting Fed cut plays edge away from session extremes.

  • The latest rally in FFQ4 stopped short of earlier highs before fading, while S&P 500 e-minis move off lows.
  • The moves came around the time that Chicago Fed President Goolsbee (’24 alternate/’25 FOMC voter) stressed the need to be careful when it comes to drawing conclusions from one labour market report.
  • Goolsbee also noted that the central bank can wait to assess further data that will be in hand before the September meeting, which is an implicit pushback against the idea of intra-meeting cuts.
  • We note that Goolsbee has always been one of the more dovish Fed voices, amplifying his caution on firmly committing to the need for imminent easing, even after he provided similar comments over the weekend.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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