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Dipping Below 100bps For Next Two Fed Meetings

STIR FUTURES
BulletMarketsFixed IncomeForeign Exchange
  • Fed Funds implied hikes continued yesterday’s decline in the European session after little change through Asian hours, coinciding with a move lower in ECB pricing of hikes to year-end in part on ECB’s Panetta seeing a need for gradually exiting negative rates.
  • Hikes hold around 52bp for Jun but dip to a cumulative 99bps for July, 133bp for Sep and 182bps for Dec, the latter now down 20bps from last week’s high.
  • Fedspeak: Vice Chair Brainard gives a commencement address at 1215ET with focus on the FOMC minutes at 1400ET.

Cumulative hikes implied by FOMC-dated Fed Funds futuresSource: Bloomberg

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  • Fed Funds implied hikes continued yesterday’s decline in the European session after little change through Asian hours, coinciding with a move lower in ECB pricing of hikes to year-end in part on ECB’s Panetta seeing a need for gradually exiting negative rates.
  • Hikes hold around 52bp for Jun but dip to a cumulative 99bps for July, 133bp for Sep and 182bps for Dec, the latter now down 20bps from last week’s high.
  • Fedspeak: Vice Chair Brainard gives a commencement address at 1215ET with focus on the FOMC minutes at 1400ET.

Cumulative hikes implied by FOMC-dated Fed Funds futuresSource: Bloomberg