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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
- Fed Funds implied rates have for the most part pushed 1-2bp higher with the FOMC minutes.
- Of note, there is now 19bp of cumulative cuts for the March meeting (vs 25bp or above most of last week), 66bp for June and 145bp for Dec. Both March and December implied rates are the highest since Dec 19/20.
- The FOMC minutes did not mention any discussion about reducing interest rates later this year beyond penciling in a median three rate cuts for 2024 in their quarterly projections.
- “In their submitted projections, almost all participants indicated that, reflecting the improvements in their inflation outlooks, their baseline projections implied that a lower target range for the federal funds rate would be appropriate by the end of 2024,” the minutes said.
- It’s a similar take to Chair Powell’s clarification on the matter when asked in the FOMC press conference for the Dec 13 meeting and NY Fed's Williams' post-meeting remarks.
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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