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Fed Funds Nudge Above 5 Hikes In 2022

  • Hikes implied by FOMC-dated Fed Funds futures have firmed through the London session, with 24.7bp priced for March, almost back to three consecutive hikes through June (72bp) and edging back to five hikes fully priced for 2022 (126bp).
  • This takes 2022 pricing back to levels immediately prior to last month’s strong payrolls report.
  • Powell testifies before the House Panel at 1000ET (no confirmed time if a text will be pre-released, it wasn’t last night), with both Evans (2023 voter) at 0900ET and Bullard (2022) at 0930ET beforehand.
  • ADP employment also at 0815ET prior to Friday's payrolls release for Feb.

FOMC-dated Fed Funds futures cumulative hikesBloomberg

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