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Fed Rate Path Back Near Pre-JOLTS Level

STIR FUTURES
  • Fed Funds implied rates have pulled back slightly from yesterday’s further gain to broadly sit near levels reached after Friday’s payrolls report, with the year-end rate in turn back near pre-JOLTS levels.
  • 17bp hike for the May FOMC, now only 10bp of cuts for Sept, the first full cut priced for Nov (-28bps) and 46bp of cuts to 4.37% for Dec.
  • Fedspeak: Chicago Fed's Goolsbee (’23 voter) with text + Q&A at 1330ET watched closely for a rare steer on views, before Harker (’23) late at 1800ET also with text + Q&A.


Source: Bloomberg

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