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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
- Having initially proven resilient to medium term growth fears, Fed Funds futures implied hikes have tumbled on the sixth day of the Russian invasion.
- Pricing dips below a fully priced 25bp hike for March 16 (24.5bp, low of 23bp) and now calls into question three consecutive hikes through to June (70bp).
- The largest moves have been in Dec 14 pricing, now showing less than five hikes for 2022 (118bp) having seen ~160bp sustained the day after Russia’s initial invasion and 138bp earlier this morning.
- Putting this Dec'22 move into perspective, 118bps takes it back to seen immediately after Powell's surprisingly hawkish press conference on Jan 26, prior to the strong January payrolls and CPI reports.
Fed Funds futures for specific meetingsSource: 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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