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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 FUTURES
- Ahead of Bullard (2022, hawk) speaking again at 0830ET, Fed Funds futures are pricing 40bps for Mar 16, near where they plateaued after Thursday’s CPI before hitting 50bps on inter-meeting hike fears which have since largely fallen away.
- Further out, 96bps is priced for Jun 15 and 159bps for 2022 as a whole.
- Danske Bank this morning revised their rate call to 200bps for 2022 from 125bps previously, starting with 50bps in March.
Most recent Fedspeak:
- George (2022, hawk): Speaking Fri but published today… it’s too early to say whether should hike 50bp but market pricing paves the way for the discussion; the Fed has to be “systematic” and “it is always preferable to go gradual”.
- Daly (2024, dove): Speaking again yesterday in a more direct pushback to Bullard, she still supports rate liftoff in March and then favours watching data with the need for hikes to be measured.
Fed Funds futures pricing for March meeting (yellow), June (white) and Dec (Green)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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