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Fed May 25bp Hike Almost Fully Priced

STIR FUTURES
  • FOMC-dated OIS has unwound a quick push higher on the U.Mich 1Y beat after already sizeable gains post retail sales.
  • It leaves a 21bp hike for May 3 and 25.5bp for Jun, with that hike reversed by Sept before 36bp of cuts from current levels to 4.47%.
  • Front SFRM3 trades -0.105, with the U3 leading the way lower on the day at -0.140 currently.

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