STIR: Fed Rates Hold Post-FOMC Decline Ahead Of Payrolls & ISM Services

* Fed Funds implied rates are little changed from yesterday's close, having

  continued a post-FOMC decline despite some stronger than expected labor
  releases.

* Cumulative cuts from 5.33% effective: 3bp Jun, 9bp Jul, 19bp Sep, 27bp Nov,
40bp Dec and 49bp Jan.
* Today's NFP report is firmly in focus (preview here:

  https://roar-assets-auto.rbl.ms/files/62435/USNFPMay2024Preview.pdf) but it's
  also follows by ISM services.

* Goolsbee ('25) offers first post-blackout Fedspeak with a potential reaction

  to NFPs on Bloomberg TV at 1030ET before he appears along with Williams
  (voter) in a panel late on at 1945ET.

* Goolsbee said Apr 19 that it makes sense to wait to get more clarity before

  moving rates as the first three months of 2024 inflation data can't be
  dismissed. Williams meanwhile said Apr 18 that a hike isn't in his baseline

but it's possible if the data warrants it.