Having rallied into the FOMC reaction on tariff headlines, rates reaction is relatively contained following the FOMC statement.
Fed Funds implied rates are 0.5-3.5bp lower for 2025 meetings.
That includes levels that imply 82bp of cuts for 2025 as a whole but that still has near enough an entire 25bp cut omitted vs pre ISM mfg levels from Thursday.
Cumulative cuts from an assumed 4.33% effective: 7.5bp Jun, 24bp Jul, 45bp Sep, 63bp Oct and 82bp Dec.
SOFR implied yields are up to 3bps lower post-announcement, led by the Mar 2026.