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2H23 Fed Rates Extend Yesterday's Intraday Push Higher

STIR FUTURES
  • Fed Funds implied hikes for tomorrow's meeting have nudged higher through European hours with 20bp (+1bp) before a cumulative 33bp for May to a peak 4.91% (+0.5bp) off yesterday’s low of 10bp.
  • Larger moves further out with 2H23 meeting implied rates 9-10bps higher on yesterday’s close, pricing 77bps of cuts to 4.14% at year-end. The latter remains in wide ranges of roughly 3.5-4.5% seen since CS slid last week.

Source: Bloomberg

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