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Fed Rate Path Consolidates Post-BoC Dip

  • Fed Funds implied hikes consolidate yesterday’s dip after the BoC led the way with its indicated pause.
  • Sitting at 26bp for Feb 1 (unch), cumulative 45bp for Mar (-0.5bp), 55bp to 4.89% terminal (-0.5bp) before 48bp of cuts to 4.40% Dec (-0.5bp). The terminal remains in its 4.86-4.94% range seen since the miss for Dec ISM services.
  • Today’s Q4 advance GDP/PCE report likely in focus, including core PCE implications for Friday’s December print.

Source: Bloomberg

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