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Fed Rate Path Lifts But Only To Yesterday Close

STIR FUTURES
  • Fed Funds implied hikes have lifted off overnight lows for little change after yesterday’s SVB-linked slide, back near levels for the terminal prior to Powell opening the .door to a 50bp hike.
  • 38.5bp for Mar (-0.5bp on the day, -4.5bp since Wed close), cumulative 70bp for May (-1.5bp, -8.5bp) and 93bps to a 5.50% terminal now back in July (-1bp, -20bp). It’s followed by 18bp of cuts to 5.32% year-end (unch, -24bp).
  • No Fedspeak currently scheduled but good potential for pop-ups ahead of the media blackout tonight (preventing talk on macro developments/mon pol issues but not banking, as evidenced by Gov Bowman speaking Tue).


Source: Bloomberg

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