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Fed Terminal Keeping To Recent Range

STIR FUTURES
  • Fed Funds implied hikes continue yesterday’s second half retracement of earlier gains, with the terminal holding within the 4.9-5.0% range since Christmas at a level not far below that before the US CPI miss on Dec 13.
  • Sitting at 33bps for Feb (unch), a cumulative 51.5bp to 4.85% for Mar (-1bp), a terminal 4.95% in Jun (-2bp) and 4.52% in Dec (-2.5bp).
  • FOMC minutes at 1400ET (preview link) with next scheduled Fedspeak from Bostic (’24) tomorrow.

FOMC-dated Fed Funds futures implied ratesSource: Bloomberg

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