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Fed Hikes Skew Slightly To Later In 2022

  • FOMC-dated Fed Funds futures have seen a modest pushing back of rate hike expectations later into 2022.
  • The path continues to see the largest two hikes in May and June, yet May has been trimmed from 36bp this morning to 34.5bp and cumulative pricing for June from 70.5bp to 69bp.
  • Despite this, December pricing has firmed from 159bp to 164bp.
  • Tomorrow is a light on the data front but has the first post-FOMC Fedspeak currently scheduled from Kashkari (2023 voter), Barkin (2024) and Bowman (permanent), before Powell and Bostic on Monday.

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