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Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
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EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
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G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
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Emerging Markets
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Data
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Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
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About Us
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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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
MNI ASIA MARKETS ANALYSIS:Waiting For Next Inflation Shoe Drop
Key Inter-Meeting Fed Speak – Dec 2024
US TREASURY AUCTION CALENDAR: Avg 3Y Sale
Budget Includes Growth Initiative, With Public Employment Frozen (2/2)
- Overall, the 2025 budget appears to hold social spending broadly constant on an inflation-adjusted basis (official details remain limited as of now).
- Total investment spending is projected to jump by 10.2% vs 2024 (to E78bln) on the back of a 'growth initiative' program, which is intended to foster economic activity through a set of enterprise tax breaks and a subsidy program.
- On another note, Lindner said there will be no public sector employment growth in 2025 (except a minor number of police jobs already agreed on earlier). The public sector has been the major driver of headline employment in recent quarters ('Employment Rebounds In Q1 On Services, With More Hours Worked' - MNI, May 17).
- The 2025 budget is expected to receive final parliamentary approval in November.
- Press statements on 'Growth initiative' / budget 2025 and supplementary budget 2024
Ebln | Expenditures | Revenues (excl. net issuance) | Net issuance |
2024 initial plan | 476.8 | 437.8 | 39.0 |
Δ | 12.1 | 0.7 | 11.3 |
2024 supplementary | 488.9 | 438.5 | 50.3 |
Δ | -8.3 | -1.7 | -6.5 |
2025 plan | 480.6 | 436.8 | 43.8 |
2026 plan | 474.6 | 436.0 | 38.6 |
2027 plan | 486.2 | 451.8 | 34.4 |
2028 plan | 497.8 | 467.9 | 29.9 |
To read the full story
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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.