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Effective Fed funds at 2.45% yesterday means....>

FED
FED: Effective Fed funds at 2.45% yesterday means it was within 5bps of the top
end of the funds range for the second consecutive day. Could give FOMC some food
for thought on IOER decision.
- But last two times Fed lowered IOER relative to FFR, there had been a
consistent pattern for over a month: in Jun '18, had been within 5bps for 36 of
preceding 37 sessions, and in Dec '18 had been for 31 of 39 sessions.
- So Fed could move today but they might want to see more before pulling the
trigger.

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