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Familiar Levels In Play In Fed Pricing Into NFPs

STIR

Little net movement in FOMC-dated OIS pre-NY, with terminal policy rate pricing continue to hold around the 5.45% mark, come November. Beyond there, ~50bp of cuts show through June ’24.

  • Zooming out, the post-JOLTs downtick from recent hawkish extremes sets the market scene into NFPs.
  • This morning’s Fedspeak from Bostic (’24 voter) wasn’t market moving, while comments from Cleveland Fed President Mester (’24 voter, hawk) are due later.
  • Still, more focus rests on the impending tier 1 data, which comes in the form of the aforementioned NFP report and ISM manufacturing survey.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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