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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 are off overnight highs but have continued to unwind cuts later in the year after weekend debt deal is set to head to Congress.
- Less than 50bp of cuts from July peak to January.
- Cumulative from 5.08% effective: +15.5bp Jun (-0.5bp from Fri), +24bp Jul (-1bp), +19bp Sep (+0.5bp), +8.5bp Nov (+2.5bp), -5bp Dec (+3bp) and -20bp Jan (+3.5bp).
- Chicago Fed’s Goolsbee (’23 voter) in an interview with CBS on Sunday echoed other Fed speakers that he doesn’t want to prejudge June’s rate move [notable releases between now and then include payrolls on Jun 2 and CPI on Jun 13].
- He did however keep to dovish leaning remarks that Fed moves takes months, years to work through the economy.
- Other comments meanwhile took aim at debt talk discussions despite weekend progress: seeing fear and uncertainty in rates over an impasse and with a last minute deal “a little dangerous”.
Source: Bloomberg
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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