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Fed Implied Rates Lift Off Yesterday’s Equity-Driven Lows

STIR
  • Fed Funds implied rates have lifted back off lows seen late yesterday, triggered by risk-off following the slide in equity indices, which saw a close with a cumulative 25bp of cuts priced for March and 157bp to end-2024.
  • As it is, Fed Funds are back to pricing 21.5bp of cuts for March, 47bp for May, 74bp for June and 151bp for Dec.
  • There is no Fedspeak scheduled today, with finalized GDP and broader national account data for Q3 and jobless claims headlining the session.

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