Bank of America:
·Following yet another upside surprise to inflation in March, we now expect Fed rate cuts to start in Dec rather than Jun.

·Additionally, we think the data point to a higher terminal rate. We push our 2026 terminal rate up by 50bp to 3.5-3.75%.

Deutsche Bank: 'We have materially adjusted our Fed view for this year. We now expect only one rate cut this year at the December FOMC meeting followed by modest further reductions in 2025.'

Fed's Daly Sees No Urgency To Cut Rates marketnews.com/mni-brief-daly…

Fed's Schmid Counsels Patience On Rates, Wants Small Balance Sheet marketnews.com/mni-fed-s-schm…

Chicago Federal Reserve Bank President Austan Goolsbee to Neil on FOX Business : We must get inflation back down

Consumer sentiment falls in April on worries about sticky inflation marketwatch.com/story/consumer…

Fitch: 'Growth in immigration increased for all states in 2023 and boosted U.S. labor force growth. Immigration has significantly contributed to job and economic growth, and momentum is likely to continue through 2024; the risk of oversupply increases as labor demand softens.'

The gap between FOMC participants’ weighted average view of neutral and median view is at record high, an early indication that other Fed voters are also likely come around to the belief that neutral has risen. - SMBC Nikko

Pedro da Costa Lesser for later.

Fed’s Collins Says Less Easing May Be Warranted marketnews.com/mni-collins-sa…

Fed's Williams Sees Gradual, Bumpy Return to 2% Inflation marketnews.com/mni-fed-s-will…

Later today: watch live as ECB President Christine Christine Lagarde explains the latest monetary policy decisions.

We kept our interest rates unchanged at our latest meeting.

See our monetary policy decisions ecb.europa.eu/press/pr/date/…

You have to take seriously the possibility that the next rate move will be upwards rather than downwards.

bloomberg.com/news/articles/… via Bloomberg Economics

'The unwinding of pandemic-era supply-chain dislocations has boosted aggregate supply in the U.S. more than in other economies, mitigating the impact of tighter financial conditions.' - Enrique Martínez García at Dallas Fed dallasfed.org/research/econo…

Weak Demand for $39 Billion Auction Sends 10-Year Treasury Yields Near 4.6% wsj.com/livecoverage/c… via @wsj

Fed Officials Favor Cutting QT Pace By Half 'Fairly Soon' marketnews.com/mni-fed-offici…

MNI BRIEF: BOC's Macklem Says June Rate Cut Is Possible marketnews.com/mni-brief-boc-… #cdnecon #bankofcanada

Overall US CPI moved up to 3.48% YoY in March from 3.15% in February and 3.09% in January. This was the highest headline reading since last September.

US Core CPI (ex-Food/Energy) moved up to 3.80% YoY from 3.76% in February, the first uptick in core inflation since March 2023.

Brazil Inflation 3.9 In March, Lowest In 9 Months marketnews.com/mni-brief-braz…