April 26, 2024 10:31 GMT
Minimal Impact From BoJ, Focus On Monthly Core PCE
STIR
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- Fed Funds implied rates are only marginally lower overnight after the BoJ left policy unchanged and with Ueda not offering any hawkish rhetoric.
- They keep the majority of the impact from yesterday’s core PCE strength and another lower-than-expected set of jobless claims data.
- Today’s data focus turns to the monthly PCE data, including the distribution of that surprisingly strong core PCE, and finalized U.Mich inflation expectations.
- Cumulative cuts from 5.33% effective: 1bp May, 3bp Jun, 9bp Jul, 19bp Sep, 25bp Nov and 35bp Dec.
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