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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 have firmed this morning, helped by a sizeable beat in UK inflation with double digit CPI adding to yesterday’s firming in Canadian core CPI even if headline cooled as expected. There was no immediate impact overnight from an expected 50bp RBNZ hike to 3% whilst seeing rates peak with a 4 handle.
- Sitting with 64bp for the Sept FOMC, a cumulative 121bp for Dec and 137bp to a peak of 3.70% in Mar’23 with just over 40bps of cuts to end-2023. The terminal rate has more than retraced the hit from last week’s CPI even if pricing for September still hasn’t.
- Ahead, FOMC minutes plus Governor Bowman either side on technology & financial services and Covid & women’s role in the economy, both with text and Q&A.
Cumulative hikes implied by FOMC-dated Fed Funds futuresSource: 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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