🏦🔻2024 Fed Cuts Pricing Trimmed On Wednesday: Cable FX Macro

Wednesday session saw the Fed decide on monetary policy, the FOMC left rates unchanged at 5.25%-5.50%

The median dot plot for 2023 was left unchanged at 5.6% while the 2024 projection was revised higher to 5.1% from a prior 4.6%, this means that Fed officials see less rate cuts next year

SOFR December calendar spreads extended higher to end Wednesday session pricing about 77bps of rate cuts for next year, this is almost 60bps less rate cuts than what the market was pricing at the beginning of the month