🏦🔻May USD Swaps Fell to 4.92% On Powell: Cable FX Macro

• Peak rate pricing via USD O/N index swaps fell sharply on Fed's Powell remarks

• One of the key takeaways was the fact that he signaled a deceleration of the pace as soon as December

• Also, he said rates will be higher than previously thought in September. This is interesting since it is basically a repetition of the statement, while he avoided using a more recent date as a reference

• This translated to a May pricing trimming of about 10 basis points on the day