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Implied Rates Continue To Slowly Recover

STIR
  • Yesterday’s partial unwinding of the earlier core fixed income rally has slowly continued this morning.
  • Fed Funds futures are back to pricing in 25bps for the March meeting and 98bps for Dec, having touched lows of 23bps and 92bps yesterday.
  • Similarly, the 5 tick drop in EDZ2 from yesterday’s settlement sees it back to largely pricing in 4 full hikes through 2022. Highest volumes so far have been in EDZ3, down 8.5 ticks and pricing in a further ~2.5 hikes in 2023.
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