STIR: Fed Rates Rangebound Ahead Of CPI, Hawkish FOMC Members Follow

* Fed Funds implied rates hold at familiar levels ahead of US CPI although with
September cut odds trimmed fractionally.
* Cumulative cuts from 5.33% effective: 1bp Jul, 19bp Sep, 31bp Nov, 51bp Dec
and 66bp Jan.
* Gov Cook (voter) overnight said her baseline is for a soft landing where

  there is continued disinflation toward target over time without much of a
  rise in unemployment. Leaning dovish, she said the Fed is "very attentive" to
  changes in unemployment and with "nonlinearities" a risk in the job market
  slowdown.

* Today's Fedspeak comes after US CPI (and jobless claims) and from some of the

  more hawkish members of the FOMC, although with Bostic's topic perhaps
  limiting monetary policy relevant headlines at first.

* 1115ET - Bostic ('24 voter) speaks on economic inclusion (no text). He last

  spoke on Jun 27 (i.e. post FOMC, pre payrolls) saying he still expected one
  rate cut this year, in Q4, before four cuts in 2025. He saw risks becoming
  more balanced but with inflation still the biggest concern.

* 1300ET - Musalem ('25 voter) in a Q&A on the economy/mon pol (no text). The

  somewhat new St Louis Fed president was hawkish on Jun 18: it could take
  "quarters" to see data that supports a cut and he'd support a hike if

inflation progress stalls or reverses.