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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
- Fed Funds futures pricing increased ~1bp before giving most of it back on rare mon pol commentary from Governor Bowman, saying she will watch data closely to judge the size of the March increase (25 or 50bps) with her intent to take forceful action to cool inflation. Moderated Q&A has just begun.
- Amidst low volumes with the US out, moves have been relatively resilient to today’s geopolitical headlines.
- There is currently 31bps priced for Mar 16, similar to Friday after Williams added another voice leaning towards 25bp liftoff with no compelling argument for a big first hike.
- Further out, July 27 pricing just about holds onto four consecutive 25bp hikes priced whilst Dec 14 pricing has dipped fractionally below 6 hikes for the year with 148bps priced.
- This goes against one of the more recent sellside call changes from JPM late Fri with 9 consecutive 25bp hikes, i.e. 7 hikes this year.
Fed Funds futures pricing for March, July and Dec meetings.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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