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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 seen a significant push higher on the back of the stronger than expected ISM Services reading for its highest since February.
- Cumulative hikes from 5.33% effective: +2bp for Sep’23 (+0.5bp on the day), +14bp for Nov to a 5.47% terminal (+2.5bp) and it’s now closely followed by the +13.5bp for Dec’23.
- Cuts from terminal: 35bp to Jun’24 (from 40bp) and 102bp to Dec’24 (from 108bp), nearing or pushing fresh recent lows for the level of inversion in the curve.
- SOFR futures show something similar, with the SFRU3/Z4 spread trimmed to -103bps, having last seen less inversion in March and before that Nov 2022.
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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