The continued sell-off in GBP rates since the May meeting may also reflect the fact that continued talk of inflation upside risk validates its more hawkish read on the BoE’s path than ours. Inflation persistence remains the buzzword for UK rates however, and higher Sonia forwards signal that markets aren’t as optimistic as the BoE is about it reverting to target. Governor Andrew Bailey was at pains to signal yesterday that the additional two hikes priced by the curve at the time it refreshed its forecast for the monetary policy report, were enough to cover the Bank for upside risk to inflation. The curve has consistently priced more aggressive tightening than the Bank of England (BoE) is signalling since the start of this cycle. Sterling rates continued their rise even before this morning’s hotter than expected core UK inflation data. Sterling bonds take it on the chin, as often the case when global rates rise Accordingly, the US curve has been under re-flattening pressure with the 2s10s segment of the US Treasury curve back to its flattest level since the Silicon Valley Bank failure, around 65bp inverted. Market-implied probability has risen to around 30% thanks to hawks pushing their higher for longer narrative. This needs not come as a shock to investors. In this instance, the more nuanced discussions within the committee seem an ideal channel to show that no decision has been taken yet about whether to hike in June. We consider the minutes of FOMC meetings to be a fully-fledged communication tool so it is reasonable to expect that, if the Fed has a message to send to markets, the minutes are fair game. It would make sense for the Fed to keep as much optionality as possible with regards to the June meeting It would make sense for the Fed to keep as much optionality as possible with regards to the June meeting and, for this reason, we doubt the minutes will wholeheartedly embrace the market's pause narrative, even if we think the May hike was indeed the last in this cycle. Lack of tangible progress in debt ceiling talks helped to draw a line under the global bond market sell-off late in yesterday's session, and we think the proximity of the May Federal Open Market Committee minutes publication is another reason for investors to remain cautious today. Walmart’s work with third-party delivery providers continues to be a leading part of their delivery strategy and important to the future, even as this pilot begins.Fed June optionality is already priced by the US curve The retailer’s Grocery Delivery service is currently available in nearly 50 markets including Atlanta, Chicago, Denver, Miami and Seattle. Combined with third-party crowdsourced delivery providers, Walmart is on its way to bringing delivery to 100 metro areas covering 40 percent of U.S. Spark Delivery is currently being piloted in Nashville and New Orleans with plans to roll out to a few more metro areas this year.
#Spark driver drivers
Bringg powers the technology behind the service, which uses an in-house platform that provides drivers with the ability to sign up for windows of time that work best for their schedule as well as grocery delivery order details, navigation assistance and more. It uses Walmart’s existing team of 25,000 personal shoppers to fulfill orders, which are delivered by independent drivers recruited by Delivery Drivers, Inc, a nationwide firm that specializes in last-mile contractor management. The new Spark Delivery service is a crowdsourced platform which provides another way for Walmart to deliver groceries to their customers.
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