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Fed Rate Path Sits At Post CPI Highs

  • Fed Funds implied hikes sit have ground higher overnight to 52bp for Dec (unch), 92.5bp to 4.79% Feb’23 (+0.5bp), a terminal 5.09% in May/Jun’23 (+1bp) and 4.68% Dec’23 (+3bp).
  • The terminal has picked up off a low of 4.85% shortly after the US CPI miss but remains off prior highs of almost 5.20%.
  • No scheduled Fedspeak today with FOMC minutes later but potential pop-ups ahead of Thanksgiving holiday.

FOMC-dated Fed Funds implied ratesSource: Bloomberg

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