🏦📊Fed Pricing Trims Easing Bets to New Lows: Cable FX Macro

• Swaps pricing for the Federal Reserve 2024 easing reached new lows on Friday, there are about 40bps of rate cuts priced in by the end of the year

• Markets were expecting around 160bps of rate cuts at the beginning of the year, the delta in Q1 Fed pricing is remarkable

• So far this year, the biggest daily reductions of Fed easing bets were seen around mid-month trading, once the Non Farm Payrolls and CPI reports were out of the way