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Closes At Bests As U.S. Tsys Unwind Early Weakness


Resistance Remains Intact - For Now


(M3) Breaches The 119.000 Handle


(M3) Bullish Theme Intact

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Fed Rate Path Awaits Tomorrow’s CPI

  • Fed Funds implied hikes for the most part hold the higher end of Friday’s range after a boost from US PPI beating.
  • 52.5bp for Wed (+0.5bp), cumulative 90bp to 4.73% for Feb (+0.5bp), terminal 4.96% May’23 (-0.5bp) and 4.49% for Dec’23 (-4bp).
  • The 47bps of cuts priced from the May peak to end-23 is towards the higher end of the range seen since the Nov 2 FOMC but typical of levels ever since Powell’s Brookings comments.

Source: Bloomberg

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