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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 have slumped today despite real GDP exceeding expectations (4.9 vs cons 4.5), landing with a particularly sharp increase in continuing jobless claims, a small miss for core PCE, and the fact inventories added 1.3pps to GDP growth. The Atlanta Fed GDPNow tracking 5.4% ahead of the release had also likely helped gear market expectations for a particularly strong GDP print.
- It’s seen the terminal fall to just +7bps of further hikes to an effective 5.40% in January (-2.5bp since the data) whilst cuts to end-2024 have increased to 80bps from 73bps prior.
- These cuts are back at the high end of the circa 65-85bp range seen since US CPI on Oct 12 with its strong supercore print.
- Tomorrow sees monthly PCE including the core PCE deflator, indicated in today’s Q3 advance to have increased marginally under 0.23% M/M if there are no revisions to the prior monthly profile.
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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