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Chipping Into Post-PMI Fed Rate Lift

STIR FUTURES
  • FOMC-dated OIS implied rates have nudged off session highs in the past 15 minutes on no clear headlines, but mostly hold decent increases on the day after the flash US PMI beats.
  • Currently showing a 22.5bp hike for May 3, cumulative 29bp for Jun, 5bp of cuts from current levels for Nov and 25bp of cuts from current to 4.58% for Dec (latter still +4bp on the day).

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