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Fed Rate Path Pushes Higher On Credit Suisse Talks

STIR FUTURES
  • Fed Funds implied hikes back to pricing just over 50% leaning in favour of a 25bp hike at next week’s FOMC (13bps from earlier 9bps) and fully pricing a hike in May (27bps) where it’s seen topping out.
  • Cuts to year-end are trimmed intra-session but still with 97bps to 3.89% for Dec.
  • Stress metrics: Mar FRA/OIS holding at an elevated 50bps, off an earlier spike to 68.8bps close to Monday’s 69.4bp high.


FOMC-dated Fed Funds futures implied rates at specific meetingsSource: Bloomberg

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