November 01, 2023 19:38 GMT
Fed Rate Path Slips On Powell Press Conference
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- Fed implied rates pushed notably lower through Chair Powell’s press conference, with little support of the prior hiking bias from the September SEP and of particular note the acknowledgment that “we have come very far with this rate hiking cycle, very far."
- It has left just +3.5bp of tightening with the Dec meeting (-1.5bp on the presser for -2.5bp since before the decision announcement), building to a cumulative +5.5bp to the January terminal of 5.39% (-2bp on the presser and -3.5bp since the decision).
- It’s followed by 90bp of cuts to end-2024, from 85bp before the presser and 82bp before the decision.