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Fed Terminal Still Grinding Higher Post Minutes

STIR
  • Fed terminal pricing has continued to push to between 5.35-5.36% for July, albeit still with some volatility as the Minutes are more fully digested.
  • It’s up ~3bps from before the release but remains off yesterday’s fresh cycle highs of 5.37%
  • Near-term meetings see a 30bp hike priced for Mar and cumulative 55bp for May.

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