🏦📊 Fed Hiking Bets Continue to Be Trimmed: Cable FX Macro

**As seen in Macro Walk report 01/13/22, subscribe at cablefxm.co.uk/reports

• Fed hiking were trimmed last week as we received the December CPI report, headline inflation slowed on the month to 6.5%, in line with the consensus forecast

• The peak rate is now seen at around 4.90% via overnight index swaps

• June-December calendar spreads are now pricing around 45 basis points of rate cuts from the Fed

• This week, we will hear from the Bank of Japan and O/N index swaps see around 20 basis points from the BoJ by July this year