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40bp Hike Priced For Feb In May

  • Powell’s prepared remarks see FOMC-dated Fed Funds now show a 40bp hike for the May meeting (38.5bp prior), 106.5bp over the three meetings up to and including July (104bp) and 179bp for May-Dec 2022 (173.5bp) in addition to the 25bp hike last week.
  • Further, there are almost 8 cumulative hikes ahead for the first meeting in 2023, a new high.

FOMC-dated Fed Funds futures cumulative hikes for specific meetings (bps)Source: Bloomberg

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