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Fed Hike Expectations Holding Steady

STIR FUTURES
  • Little change in Fed Funds implied hikes, with 51bp priced for the May meeting and a cumulative 107bp for June, where it fell to late Fri after Mester leant against 75bp hikes.
  • Similar story with 195bp for Sep (4 meetings) and 239bp for Dec (6 meetings).
  • With the Fed media blackout, drivers come from headlines and data, the pick of which is likely preliminary durable goods for March.

Cumulative hikes in Fed Funds rate from FOMC-dated FF futures (%pts)Source: Bloomberg

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