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Powell Presents Some Hawkish Risk To Current Market Pricing

BONDS

Core global FI markets remain under pressure after bulls failed to take out the next round of resistance levels across the major futures contracts.

  • Fed Chair Powell’s Friday speech presents the major pre-weekend risk event.
  • Those of a dovish disposition could be disappointed, with Powell expected to reiterate his July messaging i.e. a rate cut could be on the table as soon as Sep.
  • Today’s Fedspeak has already pushed back against the idea of swift rate cuts.
  • Markets still price ~100bp of Fed cuts across the 3 remaining ’24 Fed meetings.
  • Click for our full Jackson Hole preview.
  • Comments from BoE Governor Bailey & BoJ Governor Ueda are also due over the next 24 hours or so.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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