Little Net Movement In Fed Pricing

{US} STIR: The ’24 Fed pricing profile is little changed to 3bp more dovish today (vs;. yesterday’s close), with FOMC-dated OIS showing 94bp of cuts by year end.

• The first 25bp step lower is fully discounted come the end of the June ’24 FOMC.
• ~10bp of cuts are showing through the May ’24 FOMC as we head into NY trade.
• The release of the minutes from the latest FOMC meeting minutes headline the NY docket.
• The immediate focus in the minutes will be on participants' thinking surrounding the prospect for future rate cuts - both timing and magnitude.
• The minutes will also be scrutinized for any discussion surrounding the timeline and contours of a potential slowing of asset runoff and how soon a decision may be reached.
• See our full preview of the release here.
• Elsewhere, Fedspeak from Bowman, Bostic, Barkin & Collins will hit.