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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.
FED
The minutes to the Fed's discount rate meetings in July showed the directors of the NY and Chicago Feds voted to reduce the primary credit discount rate by 25bp to 5.25% (the other regional Feds voted to maintain the level at 5.50%). PDF link here.
- Bloomberg notes that the "discount rate votes frequently signal presidents' preferences", though evidence for this has been fairly mixed in the past.
- The voters on the discount rate are the regional directors, not the presidents, and then they all change their votes after the FOMC meeting to match the official rate change.
- Though it's fair to say that the NY and Chicago Fed presidents (Williams and Goolsbee) are certainly on the more dovish end of the FOMC and may well have been some of the members who - in the language of the minutes - "could have supported" a rate cut at the July meeting.
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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