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Goldman Sachs The Markets
A market friendly data print— for now
May 17, 2024
Anshul Sehgal, Head of US Interest Rate Products Trading, discusses the recent CPI print, potential Fed moves, and market reactions to economic data. Topics include treasury yield movements, potential rate cuts by central banks, UK economic factors, upcoming market data releases, consumer strength, and job losses.
08:57
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Quick takeaways
- The favorable CPI data print eased inflation concerns, potentially influencing the Fed's policy decisions.
- Market reactions indicated optimism for more stable economic conditions, with expectations of potential rate cuts by the Fed.
Deep dives
Fed Reaction to Inflation Data
The latest inflation data showed a 3.4% consumer price index, down from 3.5% in March, easing concerns in the market. This favorable data print was crucial for the Fed's decision-making, as it hinted at a potential shift in their approach. The market reacted positively to the data, indicating a sense of relief and hope for more stable economic conditions. While this single data point isn't conclusive, it steered expectations towards the Fed potentially cutting rates multiple times this year.
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