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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
- Implied Fed hikes nudge higher to 70bps for the Jul 27 meeting (+1bp), still well within the 66-72bp range seen for much of the post-Jun FOMC range.
- Meetings further out hold onto yesterday’s slide after few drivers overnight and in the European morning, with 120bps for Sep and 169bp for Dec (four meetings).
- Implied rates are then seen peaking marginally higher with 173bp of hikes to 3.31% for Feb’23 followed by 63bps of cuts to end-2023.
- A solid calendar today, headlined by ISM services and the release of the minutes from the most recent FOMC decision. It also sees opening and closing remarks from NY Fed’s Williams, who last spoke on Jun 28, noting the debate at the July decision will be between 50 and 75bps whilst definitely seeing the need to get rates to 3-3.5% this year.
Cumulative hikes implied by FOMC-dated Fed FundsSource: 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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