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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
- Fed Funds implied rates see mixed moves on the day, holding net declines for the terminal seen after a dovish ECB hike and some PPI details which point to potentially softer core PCE estimates, but still drifting higher later into 2024. The latter has been helped by some better than expected retail sales and initial claims data, even if the Atlanta Fed’s GDPNow was revised lower from its last estimate almost a week ago from 5.6% to 4.9%.
- Cumulative hikes from 5.33% effective: +1bp to Sep (unch on the day), +9bp for Nov (-1bp) and +11bp for Dec to a terminal 5.44% (-0.5bp).
- Cuts from terminal: 33bp to Jun’24 (from 36bp at yesterday’s close and 31bp pre-CPI), 99bp to Dec’24 (from 103bp at yesterday’s close and 95bp pre-CPI). Those pre-CPI figures were recent lows.
- Tomorrow sees further data including the preliminary U.Mich survey for September, IP/Cap util, Terms of Trade and Empire Mfg.
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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