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GBP

Cable breaks 1.1500

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Cable is through session low

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Bullish Outlook Remains Intact

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Fed Terminal ~4.75%, End-2023 4.5%

STIR FUTURES
  • Fed Funds implied hikes are off session and cycle highs but continue to trend higher with notable spillover from BoE expectations.
  • Showing 71bps for Nov (+2bp), 4.31% for Dec (+4bp), a terminal 4.76% for May’23 (+5bp) and 4.50% for end’23 (+8bps).
  • Post-FOMC Fedspeak starts in earnest: Two meetings left for ’22 voters Collins and Mester, plus Logan (‘23) and Bostic (’24), the latter saying Sunday that a soft landing is not going to be easy. Follows Powell saying Friday the economy may be entering a 'new normal' after the pandemic.

FOMC-dated Fed Funds implied hikes at specific meetingsSource: Bloomberg

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  • Fed Funds implied hikes are off session and cycle highs but continue to trend higher with notable spillover from BoE expectations.
  • Showing 71bps for Nov (+2bp), 4.31% for Dec (+4bp), a terminal 4.76% for May’23 (+5bp) and 4.50% for end’23 (+8bps).
  • Post-FOMC Fedspeak starts in earnest: Two meetings left for ’22 voters Collins and Mester, plus Logan (‘23) and Bostic (’24), the latter saying Sunday that a soft landing is not going to be easy. Follows Powell saying Friday the economy may be entering a 'new normal' after the pandemic.

FOMC-dated Fed Funds implied hikes at specific meetingsSource: Bloomberg