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STIR: Sizeable Hawkish Repricing With Powell Sticking To Prior Script

STIR
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  • There has been an increasingly large hawkish repricing in Fed rates as Fed Chair Powell stuck to his prior guidance around no need to hurry on rates whilst awaiting greater policies on US policy changes, rather than showing any greater concern on growth prospects.
  • Shortly beforehand, Gov. Kugler (permanent voter, center) had talked on seeing “important” upside risks to inflation.
  • Fed Funds futures show 27.5bp of cuts for June vs 31bp pre-Powell and 33bp pre-payrolls, whilst the Dec contract moves off what had been close to recent dovish extremes with 72bp vs 79bp pre-Powell and 76bp pre-NFPs. 
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  • There has been an increasingly large hawkish repricing in Fed rates as Fed Chair Powell stuck to his prior guidance around no need to hurry on rates whilst awaiting greater policies on US policy changes, rather than showing any greater concern on growth prospects.
  • Shortly beforehand, Gov. Kugler (permanent voter, center) had talked on seeing “important” upside risks to inflation.
  • Fed Funds futures show 27.5bp of cuts for June vs 31bp pre-Powell and 33bp pre-payrolls, whilst the Dec contract moves off what had been close to recent dovish extremes with 72bp vs 79bp pre-Powell and 76bp pre-NFPs. 
image