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Holding 160bp Of Fed Cuts For 2024, Waller In Focus Ahead

STIR
  • Fed Funds implied rates hold the overnight extension of yesterday’s increase in holiday-thinned trade, with the Dec’24 implied rate having now reversed about half of Friday’s PPI hit.
  • Cumulative cuts: 18.5bp for March, 76bp for June and 160bp for December.
  • Today sees the Empire State manufacturing index at 0830ET but greater focus will be on Waller’s speech at 1100ET. As noted earlier, this could be the most closely watched appearance of a FOMC member ahead of the media blackout starting Friday night.

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