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Fed Hike Expectations Unchanged On Minutes

STIR FUTURES
  • Fed Funds implied hikes have fluctuated slightly after the FOMC minutes but are back unchanged, with 52bp for Jun and a cumulative 99bp for Jul, 134bp for Sep 182bp for Dec.
  • It leaves Sep pricing nearly unchanged on the day for a 16bp drop since last week’s high, and Dec pricing down 1bps on the day for a 19bp drop.
  • Next up tomorrow, the second release of Q1 GDP plus Brainard talking on digital assets before the House Panel at 1215ET in what likely limits mon pol discussions.

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