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90bp Priced Out Of Fed Hiking Cycle, With 42bp Of Cuts In H2

STIR

About 90bp of implied hikes have been shaved off from the Fed's hiking cycle since Thursday afternoon.

  • Peak Fed rates are now seen at 4.83% in June - that's just 28bp of hikes left in the cycle (now just 15bp hike seen next week, with just barely 25bp through the May meeting).
  • Then 42bp of cuts in the second half of the year, with the first full 25bp drop cumulatively priced by November.

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