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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
STIR FUTURES
- Hikes implied by Fed Funds futures are back close to where they were as the US came in, after steadily reversing an increase.
- Pricing is just off new lows as it struggles to fully price liftoff this month (23.5bps) and no longer has three consecutive hikes through to June (67bps), nor two for that matter with a cumulative 48bps for the May meeting.
- 2022 pricing is down particularly heavily on the day, at 118bps having been 138bps early this month and sustained 160bp the day after Russia’s initial invasion. This takes it back to seen immediately after Powell's surprisingly hawkish press conference on Jan 26, prior to the strong January payrolls and CPI reports.
Fed Funds Futures cumulative hikes for specific meetings (bps)Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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