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New Highs For Fed Hike Expectations Late 2022

STIR FUTURES
  • Expectations remain off yesterday’s highs for near-term meetings (52bp May, 110bp June) but have recently poked above previous highs for later in the year (204bp Sep, 256bp Dec).
  • Data recap: the JOLTS report showed further signs of labor market tightness with an implied 2 job openings per every person unemployed and the quits rate reversing the recent trend as it ticked higher, whilst revised core durable goods orders saw a larger increase than first thought in March.

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