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Fed 2023 Rate Expectations Slide Further

STIR FUTURES
  • Fed Funds implied hikes hold at 67bps for Nov having dipped earlier on a dovish RBA 25bp hike.
  • Larger declines further out in a continuation of yesterday: 4.19% for Dec’22 (-3bp), terminal 4.36% Mar’23 (-9bp) and 4.02% for Dec’23 (-12bp).
  • Those 2023 rates are down from Sep 26 overnight highs of 4.83% for the terminal (then seen in May) and 4.57% for Dec'23.
  • Five Fed speakers including the first from Gov. Jefferson since his confirmation to the Board with text and Q&A.

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