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Fed Pricing Within Recent Range Ahead Of Data

STIR FUTURES
  • Fed Funds implies hikes remain within yesterday’s range awaiting US PPI for Nov and the preliminary U.Mich consumer survey for Dec.
  • 52bp for Wed (+0.5bp), cumulative 88bp to 4.71% Feb’23 (-0.5bp), terminal 4.93% May’23 (-2bp) and 4.46% Dec’23 (-3.5bp). 47bps of cuts from peak to end-2023 is at the higher end of the week’s range.

FOMC-dated Fed Funds implied ratesSource: Bloomberg

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