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Fed Pricing Biased Lower Post-Data

STIR

The softer than expected personal spending data and marginal miss in core PCE Y/Y allows FOMC-dated OIS to tick lower.

  • Pricing covering the July meeting is now little changed on the day, showing ~21bp of tightening, with terminal pricing now ~4bp back from session highs, operating just below the 5.40% mark, come the end of the November meeting. Beyond there, ~58bp of cuts are now showing through June ’24.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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