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Fed Rates Marginally Lower Post Decision

STIR
  • With the dust settling after initial volatility around the decision, Fed Funds implied rates sit between unchanged to 1.5bps lower post-announcement – see table.
  • Cumulative cuts: 1.5bp Jun, 5.5bp Jul, 13bp Sep, 19bp Nov, 30bp Dec (vs 28.5bp prior) and 37bp Jan.

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