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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.
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- The 5Y breakeven at 3.63% is just 5bps off Friday’s highs as market-based measures remain elevated.
- Longer-term 5Y5Y inflation swaps appear more resilient to the rebound in oil prices but are still at 2.58%, notably higher than the 2.3-2.4% more consistent with the 2% target.
- However, recall Fed Governor Waller on Friday saying that despite calling for 225-250bp of hikes this year, he would be more concerned if (presumably surveyed) 2-yr out inflation expectations became unanchored and that they currently aren’t that high.
- Bostic (2024 voter) earlier said he's on the relatively conservative side of the FOMC in eyeing 6 hikes for the year before clarifying that this partly as he waits to see what impact QT has whilst wanting to start it “quickly”.
5Y breakeven (white), 5Y5Y inflation swap (yellow) and WTI 1st (green)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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