September 05, 2024 12:12 GMT
/STIR: ADPs Due, Just Under 110bp Of Cuts Priced Through Year end
US TSYS
Tsys little changed across the curve as we head into the ADP data, with TY futures +0-01 at 114-19, in the
middle of a narrow 0-06+ range.
- Fed Funds futures show ~36bp of cuts for this month’s FOMC, with ~109bp of easing showing through year end.
- The Fed’s focus has clearly moved to the employment side of its mandate in recent weeks, with today’s ADP data, in addition to the weekly jobless claims and ISM services, set to provide the impetus into tomorrow’s NFP release.
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