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Ending Week With 6 US Hikes Fully Priced For 2022

STIR FUTURES
  • Fed Fund futures are ending the week with 32bp for March 16, almost exactly where they were this time last week.
  • Jun 15 cumulative hikes have crept up to +86bp (+2bp) whilst Dec 14 has switched back to fully pricing in 6 hikes in 2022 with +156bps (+9bps).
  • Whilst not a majority of FOMC voters, Bullard, Waller, George and Bowman have all indicated varying degrees of openness to a 50bp hike depending on upcoming data (payrolls Mar 4, CPI Mar 10).
  • Bullard and Waller, speaking since the Russian invasion, both call for 100bp over the next three meetings.

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