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FOMC Meeting Pares 15bp Of Hikes From The Rate Path

STIR

Market-implied Fed Funds suggest about 15bp of hikes have been pared from the path to the (still) mid-2023 rate peak - now about 3.82%, vs just under 4% pre-FOMC. The overall market path is now very close to the median dots.

  • A 75bp July hike is seen with about 65% chance, with each of the remaining 2022 meetings showing implied hikes greater than 25bp and a 3.53% rate by end-year (about 193bp of tightening from here over 4 meetings).

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