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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
- More balanced/less hawkish commentary from ’24 voters Daly and Bostic has only marginally taken the edge off a consistent move higher in Fed implied rates, seemingly helped by Kashkari (’23) and Bullard (non-voter) comments earlier today.
- The moves have been surprisingly large considering Kashkari broadly reiterated Sunday’s WSJ comments and Bullard kept to the view of two further rate hikes, although that was from April so perhaps of more note that it still stands.
- June pricing has recently dipped 0.5bp but still climbs 2.5bps on the day to +6.5bps, not quite retracing the 8-9bps before Friday’s debt impasse headlines. The year-end rate of 4.70% has closed relatively more of the gap though, +7bp on the day to imply 38bp of cut from current levels.
- If this climb higher is based on some renewed debt deal optimism then the Biden-McCarthy talk at 1730ET could be an important catalyst.
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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