The market is almost-fully priced for 25 basis point rate cuts at each of the next three FOMC meetings but the most-interesting one right now is on September 17 when Fed funds futures imply about a 10% chance of a 50 basis point cut.
It would take a shockingly-low CPI number to get those probabilities up but the report is tomorrow and we will see. Today the President jumped on the PPI numbers and called again for rate cuts. Of course, he was saying the same thing last month when PPI was +0.9% m/m.
Just out: No Inflation!!! “Too Late” must lower the RATE, BIG, right now. Powell is a total disaster, who doesn’t have a clue!!! President DJT
It was Trump who appointed Powell. I don't envy whoever will be appointed to replace him.
