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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
- A significant payrolls beat sees Fed Funds implied hikes sitting at 68bps for the Sept FOMC and 123bps to year-end to 3.54% (+14bps on the release).
- It ekes out a peak of 3.63% in Mar’23 (+16bps on the release) before 56bps of cuts to 3.07% in Dec’23.
- That terminal rate is still within post US CPI highs of circa 3.7% but moves closer to recent Fedspeak looking for high 3s/low 4s (most recently Mester a little above 4%). Fedspeak has also pushed back on the cuts priced but no material change there in pricing post-payrolls.
Fed Funds implied rate at 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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