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Fed Funds Dec'23 Rate Closes Gap On Dec'22

STIR FUTURES
  • Fed Funds implied hikes show 70bp priced for the Nov FOMC (+1bp) - figures all assuming an implied O/N rate of 3.088.
  • 120bp of hikes over the two meetings left this year to 4.28% for Dec’22 (+1.5bp on day, +7bp since Tue) before a terminal of 4.63% now seen nudged into May (+2.5bp, +15bp).
  • A trimming in cut expectations now sees 4.27% come Dec’23 (+4bp, +18bp since Tue), closing the gap on the Dec'22 rate.

FOMC-dated Fed Funds implied ratesSource: Bloomberg

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