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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
- Fed Funds implied hikes are unperturbed by European PMIs, with the Eurozone composite sub-50 for the second month running but a small beat (49.2 vs 49.0 cons) and a mixed UK PMI (50.9 vs 51.0 cons) for the preliminary August surveys.
- It leaves 66.5bps priced for the Sept FOMC (slowly grinding nearer to the 70bps pre US CPI) whilst the 127bps to 3.61% in Dec and 145bps to a peak 3.78% in Mar’23 are at recent highs before a trimmed 35bps of cuts to end-2023.
- US PMIs come into focus next whilst a Q&A with Kashkari (’23 voter) late at 1900ET is the last scheduled Fedspeak prior to Jackson Hole. He last called for rates of 3.9% by end'22 and 4.4% by end'23 as he maintains the more recent shift towards the hawkish end of the FOMC spectrum.
FOMC-dated Fed Funds futures 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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