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Fed March Cut Pricing Back At Pre Dec FOMC Levels

STIR
  • Fed Funds implied rates are unchanged for near-term meetings and marginally higher for later into the year after little spillover from the BoJ overnight.
  • Whilst unchanged on the day, March pricing holds yesterday’s sizeable shift to 11bp of cumulative cuts, having now fully reversed the impact from the perceived dovish pivot at the Dec FOMC.
  • Cumulative cuts of note: 11bp for March, 30.5bp for May, 54bp for June and 132bp for Dec.

Fed Funds implied rate for March 2024 FOMC decisionSource: Bloomberg

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