{US} STIR: The ’24 Fed pricing profile is little changed to 3bp more dovish today (vs;. yesterday’s close), with FOMC-dated OIS showing 94bp of cuts by year end.
The first 25bp step lower is fully discounted come the end of the June ’24 FOMC.
~10bp of cuts are showing through the May ’24 FOMC as we head into NY trade.
The release of the minutes from the latest FOMC meeting minutes headline the NY docket.
The immediate focus in the minutes will be on participants' thinking surrounding the prospect for future rate cuts - both timing and magnitude.
The minutes will also be scrutinized for any discussion surrounding the timeline and contours of a potential slowing of asset runoff and how soon a decision may be reached.