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Modest Dovish Adjustment In Fed Pricing Post-PPI

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Modest dovish moves in FOMC-dated OIS in the wake of the PPI data, although the bulk of the CPI-driven hawkish adjustment holds.

  • That leaves ~46bp of cuts priced for ’24 vs. ~39.5bp pre-PPI, with the first cut once again fully discounted through the end of the Sep FOMC (~26bp of easing priced through that meeting at typing).
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Modest dovish moves in FOMC-dated OIS in the wake of the PPI data, although the bulk of the CPI-driven hawkish adjustment holds.

  • That leaves ~46bp of cuts priced for ’24 vs. ~39.5bp pre-PPI, with the first cut once again fully discounted through the end of the Sep FOMC (~26bp of easing priced through that meeting at typing).