Fed to hike in July?

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From Macquarie:

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 We revise our assessment for the timing of the next Fed Funds rate hike due to a weak employment report for May. While the preponderance of data suggests the economy and labour market remain on firm footing, today’s report provides reason for the FOMC to err on the side of caution and defer on a hike.

 We shift our base case timeframe from June/July to July/September. Our updated probability assessment is June (5%, prev. 55%), July (60%, prev. 25%), September (25%, prev. 10%), later than September (10%, prev. 10%).

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.