The FX Files – Fed Path in Focus

FICC Strategy Reports

A light data calendar to start the week has the market questioning the Fed path after blowout employment numbers in the US on Friday (NFP: 256k vs. consensus 165k). There is currently less than one Fed cut priced this year, and a stronger than expected data backdrop coupled with the near-certainty of tariffs has the market rethinking inflationary risk once again.

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