MNI China Daily Summary: Wednesday, May 8

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Mester Won’t Rule Out A June Cut

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  • Speaking to media after an earlier event, Bloomberg reports Cleveland Fed’s Mester (’24 voter retiring in June) as saying she won’t rule out a June cut as she doesn’t pre-judge meetings. [There is currently a cumulative 16.5bp of cuts priced for the June FOMC].
  • She earlier today likely ruled out a May cut [with the market indeed showing just 2bps priced].
  • She expects three rate cuts this year [69bps priced].
  • The shift in FOMC rate projections shows reaction to data, with it being important to explain the consensus view but also to flag risks.
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  • Speaking to media after an earlier event, Bloomberg reports Cleveland Fed’s Mester (’24 voter retiring in June) as saying she won’t rule out a June cut as she doesn’t pre-judge meetings. [There is currently a cumulative 16.5bp of cuts priced for the June FOMC].
  • She earlier today likely ruled out a May cut [with the market indeed showing just 2bps priced].
  • She expects three rate cuts this year [69bps priced].
  • The shift in FOMC rate projections shows reaction to data, with it being important to explain the consensus view but also to flag risks.