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First Republic Results Still Weighing On Fed Rate Path

STIR FUTURES
  • Fed Funds implied hikes are off overnight lows but generally hold the step lower after First Republic’s earnings showed a larger than expected drop in deposits late yesterday.
  • 22bp hike for next week’s FOMC (-0.5bp) and a cumulative 27bp hike for Jun (unch, -1bp from Fri), with 13.5bp of cuts from current levels for Nov (unch, -7bp from Fri) and 35bp of cuts to 4.48% in Dec (unch, -9bp from Fri).

FOMC-dated Fed Funds implied ratesSource: Bloomberg

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