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Recovery In Fed Terminal Trimmed On Missile Headlines

STIR FUTURES
  • FOMC-dated OIS shows a 4.90% terminal rate for May’23, trimming 1-2bps from pre-Poland missile strike headlines.
  • It limits the recovery off session lows nearer 4.85% that were seen after the US PPI miss built on the earlier FI rally, leaving pricing close to Thursday’s close after US CPI.
  • Tomorrow: NY Fed’s Williams speaks at a US Tsy market conference whilst Gov. Waller could provide a renewed hawkish steer after weekend comments (both with text). VC Supervision Barr also speaks at the House.

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