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Pre-Powell Fed Pricing Run


Fed Funds futures show ~117bp of cuts through ‘24 as we head towards Fed Chair Powell’s address at the top of the hour. Session extremes saw 122.5bp of cuts priced. The first full 25bp cut is more than fully discounted come the end of the May ’24 FOMC, with Fed Funds futures showing 15bp of easing through the Mar ’24 FOMC.

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