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Late SOFR/Eurodollar/Treasury Option Roundup

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Harker Next With Fed Hikes A Little Off Y'day Highs

  • Fed Funds implied hikes are slightly off yesterday’s recent highs despite Bostic ('24 voter) reinforcing higher for longer (link) but they remain elevated.
  • 67bps priced for the Sept FOMC before 127bps to 3.60% year-end, 143bps to a terminal 3.76% in Mar’23 with little change into May and then keeping to circa 35bps of cuts to end-2023.
  • Next known Fedspeak from Harker (’23) speaking to MNI at 0925ET and CNBC at 1000ET, keenly awaited having not talked on mon pol matters since Jun 22.

FOMC-dated Fed Funds futures implied rateSource: Bloomberg

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