FOMC-dated OIS implied terminal falls 4bps to 5.11% on Powell, just tilting back into June having edged into July.
It unwinds an intraday climb but still within Monday's range and more than 20bps above pre-payrolls levels.
Potentially some excess focus on the "probably" needing to hike further plus also not particularly hawkish language re Friday's payrolls surge, instead saying it shows the road for the disinflationary process could be a long one.

Source: Bloomberg

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FOMC-dated OIS implied terminal falls 4bps to 5.11% on Powell, just tilting back into June having edged into July.
It unwinds an intraday climb but still within Monday's range and more than 20bps above pre-payrolls levels.
Potentially some excess focus on the "probably" needing to hike further plus also not particularly hawkish language re Friday's payrolls surge, instead saying it shows the road for the disinflationary process could be a long one.

Source: Bloomberg

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Fed Terminal Trimmed 4bps On Powell