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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
- Fed Funds implied rates have seen a small intraday lift through European hours for back unchanged out to Nov and nudging towards yesterday’s highs for later-dated meetings. Comparing close levels, the current 62bp of cuts from terminal to Jun’24 is the lowest since 60bps the day before the US CPI miss.
- Cumulative hikes from 5.08% effective: +24bp Jul (unch), +28bp Sep (unch), +33.5bp Nov to terminal 5.41% (unch).
- Cuts from terminal: 4bp to Dec’23 (from 4.5bp yesterday), 62bp to Jun’24 (from 64bp) and 133bp to Dec’24 (from 138bp, but once again the Dec’24 looks off in early trade with a 6bp lift in the rate vs 2bps for Sep-Nov’24 meetings).
- A near empty docket and continued blackout period ahead of Wednesday’s FOMC decision leaves headlines elsewhere or flow as the likely main drivers for today’s session.
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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