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New Highs For Fed Hike Expectations

STIR FUTURES
  • Implied hikes have cranked higher through the London session, touching a cumulative 259bp to year-end for a 10bp increase from yesterday mid-morning ET ahead of today’s FOMC decision.
  • Near-term meetings are back at recent highs (52.5bp May, 112bp June) whilst meetings further out move to new highs (e.g. 208bp over the four meetings to Sep).
  • ADP and final S&P Global PMIs ahead will likely have to be significantly out to materially change pricing so close to the decision. The Eurozone PMIs were unrevised for both services and composite from their flashes.

Source: Bloomberg

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