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Pre-FOMC OIS Implying Just Under 200bp Hikes Left In This Cycle


With under a half hour before the decision, a quick run of Fed rate hike expectations to the "peak", as implied by OIS:

  • Nov (today): 75bp hike to 3.83%
  • Dec 2022: 136bp cumulative hikes to 4.44%
  • Feb 2023: 173bp cumulative hikes to 4.81%
  • Mar 2023: 190bp cumulative hikes to 4.97%
  • May 2023: 196bp cumulative hikes to 5.04% (the peak)

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