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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
- The Fed Funds implied hike of 67bp for Nov has largely clawed back the dip seen from the MNI Chicago PMI miss and then downward revision to U.Mich 5-10Y inflation expectations.
- Equally little net change for subsequent meetings vs the start of the session: terminal 4.46% in Mar’23 (-2bp from yesterday) and 4.22% for Dec’23 (-3.5bp) both more than 30bps off Monday’s highs.
- ISM mfg on Monday. The sharp move lower in the Chicago PMI adds downside risk to a consensus call -0.4pts to 52.8, which if materialised could further weigh on 2023 rates.
FOMC-dated Fed Funds implied ratesSource: 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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