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Fed Rate Path Off Friday Lows But Still 5 Cuts In 2024

STIR
  • Fed Funds implied rates have lifted off Friday’s post-Powell lows but for the most part hold a majority of the day’s decline.
  • There is a cumulative 17bp of cuts priced for the March meeting, with 35bp for May, 54bp for June, 73bp for July and 126bp cumulative cuts for 2024 as a whole.
  • The FOMC media blackout is now in place, with factory orders/final durable goods leading the docket.

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