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Projected Rate Hike Holding Firm


Projected rate hikes into early 2024 are holding near session highs has as weaker short end rates outperform bonds in post-auction trade: November up to 11.9% vs. 9.8% earlier, w/ implied rate change of +3bp to 5.358%, December cumulative of 10.6bp at 5.433%, January 2024 10.9bp at 5.438%. Fed terminal at 5.438% in Jan'24. Fed terminal at 5.44% in Feb'24.

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