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Fed Implied Rates In Recent Ranges Ahead Of BoE, Data

STIR
  • Fed Funds implied rates maintain the familiar 4/5bp increase for the Sept FOMC and a cumulative 9bps for a 5.42% terminal in November.
  • Implied rates lift 2-4bps after that further into 2024 but remain within recent ranges, leaving 56bp of cuts from terminal to Jun’24 and 123bp from terminal to Dec’24.
  • The BoE decision comes ahead with consensus leading to a 25bp hike but with non-trivial skew to a 50bp hike, before some important US data including ULCs/productivity for Q2 and ISM services amongst others.

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