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Late Push Higher For Fed Rate Path

STIR FUTURES
  • Likely flow rather than headline driven but FOMC-dated Fed Funds have shifted another 2bps higher for the implied June terminal over the past 30mins, now at 5.02% for +12bps on the day, roughly 8bps of which came with the payrolls beat.
  • The Dec'23 drifting to 4.62% (+21.5bps on the day) trims cuts further to 40bps through 2H23.


June implied rate from OIS (white) and Fed Funds (yellow)Source: Bloomberg

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