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Modest Dip In Further Fed Tightening On FOMC Decision

STIR
  • Fed implied rates continue a move lower since the FOMC decision but it’s still a relatively constrained reaction for now.
  • FOMC-dated OIS shows cumulative tightening seen with +5bp for the Dec FOMC, building to +7.5bp for Jan’24 (from +9.5bp prior).
  • 30bp of cuts from terminal to Jun’24, unchanged on the meeting.

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