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Little Net Change In Fed Pricing Post-CPI, Initial Adjustment Reversed On Details

STIR

Mostly firmer than expected CPI readings (0.1ppt > median for 3/4 prints) initially unwinds some of the Fed rate cut premium, before a look at unrounded numbers and slower supercore M/M inflation reverses the move.

  • FOMC-dated OIS shows ~89bp of ’24 cuts, little changed vs. pre-release levels.
  • 20.5bp of cuts are priced through June, also little changed vs. pre-release.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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