**As seen in Macro Walk report 09/08/23, subscribe at cablefxm.co.uk/reports
The implied rates section in our Macro Walk report is showing the market walking back from rate cuts pricing for 2024. The development comes as we received a stronger than expected ISM Svcs index and labour market data in the form of jobless claims
The biggest increases were seen in the May to July tenors, the June tenor implied rate increased by about 15bps to price in rates at 5.10%
We currently stand in the Fed blackout period, so the next data point to add colour on pricing will be consumer and producer prices released this week. Remember to check our U.S. CPI preview
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