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Pre-CPI Fed Pricing Remains Within Familiar Parameters

STIR

As we wind our way towards May CPI data, which, along with the AHE readings, provides the final round of meaningful pre-FOMC decision inputs, FOMC-dated OIS is showing ~6bp of tightening for tomorrow’s decision and ~21.5bp of cumulative tightening through July. This is followed by ~23bp of cuts from current terminal rate pricing (which is seen at the end of the July FOMC) through year end.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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