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Fed End-2024 Implied Rate Close To Highs

STIR
  • Fed Funds implied rates hold higher as part of the broader unwinding of haven flow after a lack of Israel-Iran escalation over the weekend.
  • The Dec’24 implied rate touched 4.96% overnight to equal highs seen after last week’s strong retail sales. Currently at 4.945%, it’s close to the high seen after Chair Powell’s “lack of progress” from Tuesday.
  • Cumulative cuts: 1bp May, 4bp Jun, 11.5bp Jul, 22bp Sep, 28bp Nov and 38bps Dec.
  • The FOMC is now in media blackout ahead of the Apr 30 – May 1 meeting.
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  • Fed Funds implied rates hold higher as part of the broader unwinding of haven flow after a lack of Israel-Iran escalation over the weekend.
  • The Dec’24 implied rate touched 4.96% overnight to equal highs seen after last week’s strong retail sales. Currently at 4.945%, it’s close to the high seen after Chair Powell’s “lack of progress” from Tuesday.
  • Cumulative cuts: 1bp May, 4bp Jun, 11.5bp Jul, 22bp Sep, 28bp Nov and 38bps Dec.
  • The FOMC is now in media blackout ahead of the Apr 30 – May 1 meeting.