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Fed Funds Futures Before Fed Nominees Speak

STIR
  • As the Senate confirmation hearing for Raskin, Cook & Jefferson nominations gets underway and with further US data ahead, Fed Funds futures are pricing 30bps for the March meeting and 121bps in total following the Dec meeting.
  • Pricing was boosted off week lows earlier by hawkish dissent at the BoE as it hiked 25bps but with 4 of 9 members wanting 50bps.
  • The pre-prepared statements contained no surprises but the Q&A could be more impactful.
  • Finalized Markit PMIs (0945ET) plus ISM services (1000ET) for Jan come up shortly, with the usual focus on price components as well as employment ahead of payrolls tomorrow.

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