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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
- Ahead of CPI at 0830ET, Fed Funds implied rates are near unchanged on the day for most 2024 meetings although slip a little lower at end-2024 as the latter extend recent declines.
- Cumulative cuts: 17bp for March, 64bp for June, 126bp For Nov and 143bp For Dec.
- We have two scheduled Fed speakers after today’s CPI: Mester (’24 voter but retiring June) speaking for the first time since Dec 18 when she offered pushback to market rate cut expectations and Barkin (’24 voter) who has spoken a few times recently including after payrolls noting he sees the labor market moving in a very steady, softening pattern.
- NY Fed’s Williams (permanent voter) yesterday: "My base case is that the current restrictive stance of monetary policy will continue to restore balance and bring inflation back to our 2% longer-run goal. I expect that we will need to maintain a restrictive stance of policy for some time to fully achieve our goals, and it will only be appropriate to dial back the degree of policy restraint when we are confident that inflation is moving toward 2% on a sustained basis."
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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