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8 Fed Hikes Priced For Feb’23 Meeting

  • Fed pricing continues to ratchet higher long after Powell has finished speaking.
  • FOMC-dated Fed Funds futures now sit at 42.5bps for the May meeting (44.5bp for OIS) and 114bp over the three meetings to July.
  • Further out, they hit new highs with 186bp for Dec’22 -- a huge change from the ~170bp as the US came in this morning -- and now fully price a total of 8 further hikes from now to Feb’23.
  • 2s10s flatten accordingly, down -3bps on the day at just 19bps, flattest since Feb/Mar-2020.

Source: Bloomberg

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