A look at the day ahead in markets from Sujata Rao Minutes from the Fed's last meeting indicated the U.S. central bank is not yet contemplating bigger, 75 basis-point rate rises. That, alongside softer economic dataprints, is inducing money markets to keep dialling back their view of where the Fed funds rate may peak. The implied yield on the eurodollar futures June 2023 contract -- essentially where markets see interest rates to be at that point -- is down some 80 basis points this month. And the September 2023 implied yield has fallen below 3% for the first time since February.
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