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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 implies hikes have gyrated overnight but currently sit close to levels seen after the FOMC minutes.
- There is 62bps priced for the Sept 21 FOMC with one more CPI and payrolls still to come. It’s followed with a cumulative 120bps to 3.53% at year-end and 136bps to a terminal 3.69% in Mar’23 having unwound the hit from last week’s CPI miss, before 40bps of cuts to end’23.
- George (’22 voter) and Kashkari (’23) speak at 1320ET and 1345ET. George, a 50bp dissenter in June but not July, last spoke on Jul 11 when the terminal was seen just below 3.60% with large swings between then, whilst Kashkari recently pushed back on rate cuts after last week’s CPI miss.
FOMC-dated Fed Funds implied rateSource: 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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