The OIS curve now sees around 10bps of additional tightening for the December tenor, this implies a Fed Funds Rate of about 5.43%. The level is relatively unchanged from the Non Farm Payrolls release but higher than the last couple of sessions
For net year, market pricing pushed expectations of the first Fed rate cut to July from June. SOFR calendar spreads are marginally higher on Thursday, Dec 2024 tenor sees 85bps of easing vs 98bps last Friday
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