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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
- With BoJ YCC tweaks and regional German, French and Spanish inflation digested, Fed Funds implied rates nudge lower for 2023 meetings and see larger declines into 2024 with the latter reversing more than half of yesterday’s post-data trend higher. It leaves a broad rate path only slightly lower than levels prior to Wednesday’s FOMC decision.
- Cumulative hikes from 5.33% effective: +4.5bp Sep (-0.5bp), +9bp Nov to terminal 5.42% (-1bp).
- Cuts from terminal: 4bp to Dec’23 (from 3.5bp yesterday close), 54bp to Jun’24 (from 48bp) and 127bp to Dec’24 (from 118bp).
- No FOMC speakers formally scheduled for the first day with the blackout lifted but there are important data releases, including core PCE on track for a soft June or at least soft revisions after yesterday’s Q2 advance, plus the ever-important ECI for Q2.
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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