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STIR: 35bp Of Cuts Seen For Nov FOMC

STIR
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  • Fed rates continue to find their footing after the FOMC decision and SEP but the broad theme seems to be a broad maintaining of the pace of rate cuts for Nov and Dec meetings seen beforehand, just with a level adjustment for the larger than priced 50bp cut today (had been closer to a 50/50 call).
  • Fed Funds implied rates are 9bp/10.5bp lower for Nov and Dec meetings.
  • Fed Funds cumulative cuts from an assumed effective rate of 4.83%: 35p Nov, 74bp Dec, 109bp Jan and 177bp Jun. 
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  • Fed rates continue to find their footing after the FOMC decision and SEP but the broad theme seems to be a broad maintaining of the pace of rate cuts for Nov and Dec meetings seen beforehand, just with a level adjustment for the larger than priced 50bp cut today (had been closer to a 50/50 call).
  • Fed Funds implied rates are 9bp/10.5bp lower for Nov and Dec meetings.
  • Fed Funds cumulative cuts from an assumed effective rate of 4.83%: 35p Nov, 74bp Dec, 109bp Jan and 177bp Jun.