On Monday, San Francisco Fed President Mary Daly leaned dovish as she said, “At this point, inflation is not the only risk we face,” expressing worries about the labor market.
Fed Governor Lisa Cook was neutral on Tuesday, saying that inflation was most likely to fall “sharply” next year, adding that it would be necessary to ease policy to keep the Fed’s dual mandate more balanced.
On Thursday, the US economic docket will feature the release of Q1 GDP, expected to end at 1.4% QoQ, down from last year’s Q4 3.4%.
Durable Goods Orders for May are expected to contract from 0.7% to -0.1%.
According to CME FedWatch Tool, odds for a 25-basis-point Fed rate cut in September are at 56.3%, down from 59.5% last Tuesday.
The December 2024 fed funds rate futures contract implies the Fed will ease policy by just 35 basis points (bps) toward the end of the year
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