Fed funds futures have rallied Fed funds futures have rallied on the back of Chair Powell's comments that solidified expectations for a step down to a 50 bps hike in two weeks. And implied rates have dipped further after today's data reflecting weakening in oiverall economic activity, as well as some softening in the labor market and easing in price pressures. In fact, implied rates have slide to below 5% with the May contract now suggesting a 4.913% terminal rate, down from 5.2% after the September jobs report.
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