Fed’s Barkin: We could potentially have a higher end-point on rates

• Jobs growth was about what I expected
• Now real rates are positive so you could credibly say we have our foot on the brake

There wasn’t much revealing here. THe market is pricing in a 46% chance of a 50 bps cut next month with the remainder at 75 bps. The terminal top is priced for May at 5.11%.