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EUROZONE T-BILL ISSUANCE

W/C 14 November, 2022

EUROZONE ISSUANCE

EGB Supply W/C 14 Nov, 2022 (1/2)

EUROZONE ISSUANCE

EGB Supply W/C 14 Nov, 2022 (2/2)

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Fed Rate Path Grinds Higher, Keeps To 2023 Cut

STIR FUTURES
  • Fed Funds implied hikes edge further higher after yesterday’s gains, especially in 2H23, although moves came before both the ISM beat and 2024 voters Bostic and Daly pushing back on 2023 rate cut pricing.
  • 70.5bp for Nov (+0.5bp) and a cumulative 119bp to 4.27% Dec’22 (+1.5bp) before terminal 4.51% Mar’23 (+2bp) and 4.22% Dec’23 (+3bp). Still below the 4.6% median dot for end-2023.
  • Stacked Fedspeak today. Governors: Cook (text + Q&A), Waller (text + Q&A, late). '22 voter: Mester x2. ’23 voters: Kashkari x2, Evans.

FOMC-dated Fed Funds rate at specific meetingsSource: Bloomberg

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  • Fed Funds implied hikes edge further higher after yesterday’s gains, especially in 2H23, although moves came before both the ISM beat and 2024 voters Bostic and Daly pushing back on 2023 rate cut pricing.
  • 70.5bp for Nov (+0.5bp) and a cumulative 119bp to 4.27% Dec’22 (+1.5bp) before terminal 4.51% Mar’23 (+2bp) and 4.22% Dec’23 (+3bp). Still below the 4.6% median dot for end-2023.
  • Stacked Fedspeak today. Governors: Cook (text + Q&A), Waller (text + Q&A, late). '22 voter: Mester x2. ’23 voters: Kashkari x2, Evans.

FOMC-dated Fed Funds rate at specific meetingsSource: Bloomberg