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Monetary Policy Report Due At 1100ET

FED
  • A heads up that we get the Fed’s Monetary Policy Report at 1100ET.
  • It usually doesn’t contain anything overly market-moving but it’s worth being aware of just in case.
  • This is the report that comes ahead of Chair Powell’s semiannual Congressional testimonies on Tue/Wed next week.
  • Powell’s first prepared remarks next week are typically far more important. We estimate his Senate text will be released at the same time as his appearance starts at 1000ET on Tuesday.
  • With the MPR, one area to watch is the boxes. The Mar 2024 report had a section on policy rates which showed a trend lower in various policy rules with some dropping just below the Fed Funds rate (pg 49 https://www.federalreserve.gov/publications/files/20240301_mprfullreport.pdf)

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