The firm adds that they are also upping their terminal rate forecast for the Fed to 5.375% from the 5.10% previously.
I would argue it is still early days and we are yet to hear of anything firm from Fed speakers recently. In any case, the FOMC meeting will be on 26 July so there is still roughly four weeks to go. And there will still be plenty of big data coming up before that, with the US CPI data set to be released on 12 July next.