Fed Funds implied hikes have reversed the initial push lower when Chair Powell at didn’t use Friday’s payrolls report for a particularly hawkish stance before later noting further strength could require a higher peak than is priced.
It leaves a path only slightly lower on the day: 26bp for Mar (+0.5bp), cumulative 45bp for May (unch), 57bps to a terminal of 5.15% Jul (-1bp) before cutting 34bps to 4.81% come Dec (-1.5bp).

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Fed Funds implied hikes have reversed the initial push lower when Chair Powell at didn’t use Friday’s payrolls report for a particularly hawkish stance before later noting further strength could require a higher peak than is priced.
It leaves a path only slightly lower on the day: 26bp for Mar (+0.5bp), cumulative 45bp for May (unch), 57bps to a terminal of 5.15% Jul (-1bp) before cutting 34bps to 4.81% come Dec (-1.5bp).

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Fed Path Unwinds Initial Dip Lower On Powell