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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
- Chair Powell didn’t do much to stir expectations for near-term meetings in the press conference but 2024 Fed Funds implied rates have pushed higher from levels just before he took the podium.
- Rates are however still a little below highs seen shortly after the initial announcement and hawkish dot plot.
- Cumulative hikes from an assumed 5.33% effective: +7bp for Nov, +12.5bp for Dec and +13bp to a 5.46% terminal in January.
- Cuts from terminal: 20bp to Jun’24 (from 23bp pre-decision) and 77bp to Dec’24 (from 82bp pre-decision), and with the first cut from current levels sliding back a meeting to September.
- The Dec’24 implied effective rate of 4.69% has climbed 12bps since the announcement, and, having only just caught up with the 4.6% from the June dot plot, now has the update 5.1% to aim for.
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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