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Powell and Macklem Ahead Shortly

STIR
  • Fed Chair Powell and BoC’s Macklem appear in a fireside chat shortly at 1815ET.
  • Fed Funds implied rates currently have a cumulative 13bp of cuts priced for July, 24bp for Sep and 42bp for Dec.
  • BoC-dated OIS meanwhile has seen cuts build to anywhere between 17-19bps for the next meeting in June after today’s softer Canadian CPI (but still off the ~20bps pre strong US CPI). 3-mth CORRA futures show 69bp of cuts through 2024 contracts.

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