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Fed Rate Pricing Shrugs Off BoJ, Data/Speak Next

STIR FUTURES
  • Fed Funds implied hikes little changed on the day post-BoJ, consolidating yesterday’s shift lower helped by the large Empire mfg miss.
  • 27.5bp for Feb 1 (unch), cumulative 47.5bp Mar (unch), 58bp to 4.91% terminal (-0.5bp) before 49bp of cuts to 4.43% Dec (-1.5bp).
  • Fedspeak: Bostic (’24) welcoming remarks 0900ET, Bullard (non-voter) with WSJ 0930ET, Harker (’23, text) on econ outlook at 1400ET at same time as Fed Beige Book before Logan (‘23, text) late at 1700ET.

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