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Implied Hikes Adjust Higher Post Jobs Data

STIR

Fed fund futures broadly lower, particularly in late '23-'24 area -0.100-0.140 as futures adjust to strong data, likelihood the Fed may be hiking longer than expected.

  • Fed funds implied hike for Mar'23 at 20.4bp (+.7), May'23 cumulative 31.5bp (1.8) to 4.898%, Jun'23 33.3bp (2.7) to 4.916%, terminal climbs to 4.935% in Jun'23-Jul'23.

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