🏦🔻First Fed Rate Cut Priced In For July: Cable FX Macro

**As seen in Macro Walk report 09/15/23, subscribe at cablefxm.co.uk/reports

• Heading into the FOMC September meeting, O/N index swaps priced in the Fed first-rate reduction to be delivered by July. Market has pushed rate cuts forward, the first move down had been priced to be as soon as May, back in the summer months

• For this year, the market is no longer pricing significant tightening, as there's only about 11bps seen by November

• Read our FOMC September meeting preview here