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Cheapening Pressure Into The FOMC Presser

US TSYS
  • Ahead of the presser, Tsys have now than reversed the initial rally on the statement and trade cheaper with 2s +1bp since the release for +3.9bps on the day.
  • The Nov terminal is seen with a cumulative +12bp of hikes from an assumed effective rate of 5.33%, before 54bp of cuts to Jun’24.

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