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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
- Relatively little change overnight for Fed Funds implied hikes, largely keeping to yesterday’s net move lower on weak US data.
- That included little reaction to Kashkari (’23 voter) late yesterday keeping to his hawkish stance in the last scheduled Fedspeak pre-Jackson Hole: it will be a long time before policymakers must debate any tradeoff with its full employment goal albeit noting that the inflation impact of strong USD may affect Fed policy.
- Sitting at 65bps for the Sept FOMC (67.5bps pre-data) before a cumulative 125bps to Dec and 140bps to a peak of 3.74% in Mar’23 (3.78% pre-data). 39bps of cuts thereafter to end-23, from 35bps this time yesterday.
FOMC-dated Fed Funds 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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