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Fed Hikes Cool With Plenty Of Speak Ahead

STIR FUTURES
  • Fed Funds implied hikes have cooled some more overnight, with the 55bp of hikes implied for Sept (-1.5bps overnight) the lowest in the limited post Jul-FOMC range to date.
  • Beyond that, looking at 93bps for Dec (-1bp) to drive a peak at 3.26% in both Dec and Feb’23 before just shy of 60bps of cuts through 2023.
  • Solid line up of Fedspeak today, starting with Daly (’24 voter) on CNBC at 0945ET before Evans (’23 but retiring early in the year) at 1000ET, Mester (’22) at 1300ET and then much later Bullard (’22) at 1845ET.

Fed Funds implied rates for Sep and Dec'22 meetings plus cuts through 2023 (green)Source: Bloomberg

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