NewsMV
The September Federal Open Market Committee meeting is in focus after Federal Reserve Governor Christopher Waller said he would support holding the policy rate unchanged, provided August inflation data shows continued progress.
Treasuries moved higher following his remarks, and the bid into rates carries positioning information that the setup for September has to account for. Waller's conditional framing is the note that matters.
He said continued progress on inflation is the bar, and the August data release sits directly between now and the FOMC decision.
That makes the print the setup-defining event, with Waller's stated condition giving the market a named threshold to price around. The framing leaves him room to shift in either direction once the data arrives.
Keep reading