SOFR and Treasury option trade back to mixed overnight after pick-up in upside call trade Tuesday. Underlying futures mildly firmer, top end of narrow overnight range in the lead up to this morning's headline CPI inflation data, March FOMC minutes this afternoon. Projected rate cut pricing largely steady vs. late Tuesday levels: May 2024 at -4.7bp w/ cumulative -1.2bp at 5.317%; June 2024 at -55.1% w/ cumulative rate cut -14.9bp at 5.179%. July'24 cumulative at -24.4bp, Sep'24 cumulative -41.2bp. Salient trade:
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Goldman Sachs do not expect “further peripheral compression from current levels.”