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Payrolls Headlines Before A Re-Run From Powell On Sunday

STIR
  • Fed Funds implied rates have pushed higher overnight, with near-term meetings back at joint post-Powell highs whilst later meetings still make up ground.
  • Cumulative cuts from 5.33% effective: 10bp Mar, 33bp May, 60bp Jun and 143bp Dec.
  • Today’s payrolls report clearly headlines. Preview here.
  • We are now out of the Fed blackout period, opening potential for surprise appearances today.
  • For now, Powell is first on the slate with an interview aired on CBS on Sun, Feb 4 at 1900ET – the interview was held yesterday, so after the FOMC decision and possibly seeing some discussion on regional bank concerns (which have fluctuated over the past two days) but won’t have specific post-payrolls insight.

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