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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 give back yesterday’s rise through the European session, sitting at 52bps for Jun, 101bps for Jul and with larger relative declines further out with 139bps for Sep (-3bps) and 190bps for Dec (-5bps).
- Weak European preliminary PMIs for May with a particularly sharp decline in UK services add focus on the US PMIs at 0945ET, with consensus for a manufacturing-led moderation after weak regional Fed surveys.
- Fedspeak: Powell gives pre-recorded welcoming remarks at an economic summit at 1220ET.
- Recap: George (’22 voter) expects to lift the main rate to around 2% by Aug (as priced) with subsequent moves then guided by inflation, whilst Bostic (’24) also open-ended, currently seeing 25 or 50bps on the table in Sep if inflation too high (after two 50bp hikes) but also possible to pause.
Cumulative hikes implied by FOMC-dated Fed Funds futures (%pts)Source: 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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