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June Projected Rate Cut Gains Slightly

STIR
Short end rates holding steady to higher out the strip. In turn, projected rate cut pricing steady to slightly higher in June on out:
  • March 2024 chance of 25bp rate cut currently -5.4% w/ cumulative of -1.4bp at 5.318%; May 2024 at -18.6% w/ cumulative -5.2bp at 5.276%;
  • June 2024 -68.3% from -63.2% late Wednesday w/ cumulative cut -22.6bp at 5.105%. July'24 cumulative -38.1bp at 4.950%.

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