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Fed Implied Rates Near Unchanged Ahead Of Data, Fedspeak

STIR
  • Fed Funds implied rates are only fractionally higher overnight ahead of data including preliminary durable goods and weekly jobless claims, and Fedspeak before Jackson Hole gets underway.
  • Cumulative hikes from 5.33% effective: +3.5bp Sep (+0.5bp), +11bp Nov (+0.5bp)
  • Cuts from Nov terminal: 1.5bp to Dec’23, 47bp to Jun’24 and 114bp to Dec’24. They are all unchanged, with the latter off Tuesday’s recent low close of 104bps.
  • Harker (’23 voter) speaks on CNBC at 1000ET after offering a dovish take on Aug 8 by arguing for rates on hold. Collins (non-voter) is also of interest in a Yahoo! Finance interview at 1115ET having not heard from her since the July FOMC.

Source: Bloomberg

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