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STIR: Mid-2025 Fed Rates Off Friday’s Cycle Highs

STIR
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  • Fed Funds implied rates sit lower today, flattening as they echo the broader rally in Treasuries seen with President-elect Trump picking Scott Bessent as Treasury Secretary.
  • The Dec rate is 1bp lower from Friday’s close whilst the Jun’25 is 2.5bp lower, although the latter still only prices 50bp of cuts after the implied rate closed at fresh cycle highs on Friday.   
  • Cumulative cuts from 4.58% effective: 14bp Dec, 20bp Jan, 33bp Mar and 50bp June.
  • There is no Fedspeak scheduled for today. Tomorrow’s FOMC minutes are one day earlier than usual in the holiday-shortened week.  
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  • Fed Funds implied rates sit lower today, flattening as they echo the broader rally in Treasuries seen with President-elect Trump picking Scott Bessent as Treasury Secretary.
  • The Dec rate is 1bp lower from Friday’s close whilst the Jun’25 is 2.5bp lower, although the latter still only prices 50bp of cuts after the implied rate closed at fresh cycle highs on Friday.   
  • Cumulative cuts from 4.58% effective: 14bp Dec, 20bp Jan, 33bp Mar and 50bp June.
  • There is no Fedspeak scheduled for today. Tomorrow’s FOMC minutes are one day earlier than usual in the holiday-shortened week.