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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 consolidated Friday’s post-payrolls decline for near-term meetings and further extended the net lifting in rates heading later into 2024.
- Cumulative hikes are limited to +1.5bp for Sep and +9.5bp for Nov to a terminal 5.425%, holding the decline off last week’s highs just over 5.50% with the move initiated by the JOLTS miss before payrolls reinforced the case for a soft landing.
- Cuts expectations are trimmed further from Friday’s close, with 44bp from terminal to Jun’24 and 113bp from terminal to Dec’24, although the latter remains off mid- to late-August recent lows of 104bps.
- Fedspeak is slow to get underway after Labor Day before a heavier schedule tomorrow including the Fed’s Beige Book.
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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