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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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Free AccessFed Cuts Pricing Mainly Trimmed Through 2H23
- The Fed Funds implied terminal rate is holding 10bps higher on the day (8bps post-payrolls, pre-ISM) with 42bps of hikes to an effective 5% and an end-2023 rate up 18bps (14.5bps pre-ISM) at 4.58%.
- 2H23 rate cuts have been trimmed 8bps to 42bps from 50bps between the FOMC presser and payrolls, and vs 44bps prior to the FOMC decision.
- SOFR futures suggest this is where the bulk of the trimming of cuts has been centred, with 2024 inversion actually increasing slightly on the day with SFRZ3/Z4 at -1.465 (-0.015) and vs Tuesday's pre-FOMC close of -1.395.
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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.