MNI China Daily Summary: Tuesday, Aug 27

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MNI:US JUN FHFA HPI SA -0.1% V +0.0% MAY; +5.1% Y/Y

UK: Week Ahead

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Fed Funds Futures Close In On 4 Hikes For 2022

STIR
  • Fed Funds futures are finishing the week strongly, with +24bps priced for the March meeting and more impressively jumping to a new high of +95bps by the end of the Dec meeting.
  • That’s a 7bp swing from a low of 88bps after surprisingly weak retail sales, and a 9bp increase on the week.
  • Part of the recent rise has come as inflation fears weighed further on consumer sentiment in the U.Mich Jan survey and then NY Fed’s Williams comments, including that the Fed is “approaching a decision” to start raising rates (seemingly very consistent with many other FOMC speakers this week).
  • MLK Jr Day on Mon with the next data of note the Empire Manufacturing survey on Tue, the first of the main business surveys for Jan.
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