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Fed Path Unwinds Latest Disinversion Push Ahead Of FOMC Decision

STIR
  • Fed Funds implied rates have pulled back some of yesterday’s latest disinversion shift with spillover from softer than expected UK CPI. It still keep end-2024 rates near recent highs and consistent with the June dot plot ahead of today’s fresh forecasts.
  • Cumulative hikes from 5.33% effective: 0bp for today's decision, +7.5bp for Nov, +10.5bp for Dec and +11bp for Jan to terminal 5.44% (having first shifted into January yesterday).
  • Cuts from terminal: 26bp to Jun’24 (from 25bp) and 84bp to Dec’24 (from 81bp).

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