🏦❗️ Global Central Banks Repriced Over Last Week: Cable FX Macro

**As seen in Macro Walk report 03/17/23, subscribe at cablefxm.co.uk/reports

• The implied rates section of the Macro Walk report noted the changes in global central bank rate expectations. The massive dovish repricing led to markets discounting rate cuts from the FOMC and BoC, and a trim of hawkish bets in the rest of our tracking list

• Visual guidance on the week closing in March 10th vs March 17th below. The Fed was priced in to deliver a 50bps in March, an additional 70bps of rate hikes by June. Now, it is seen delivering a total of 75bps of rate cuts by end of year

• Similarly, other central banks were repriced to end their tightening campaigns. ECB is now seen delivering an additional 30bps of rate hikes, the BoE is expected to hike rate by 25bps this year, the latter had seen +70bps just a week prior

• This could change dynamics for financial markets and widen policy divergence as we depart from a global synchronized tightening mode.