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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 have unwound a sizeable overnight boost to leave them back near Friday’s post-payrolls lows. The initial increase had looked partly attributable to weekend hawkish commentary from Gov. Bowman, and whilst there was little initial impact from a dovish Williams (and “an open question” on need to hike further, he clearly has cuts in 2024 as his base case in line with the June SEP Dot median) it’s possible this has increasingly weighed in a thin session.
- Data flow has been light. Manheim vehicle prices fell 1.6% in July but only extending an estimated decline from the mid-month estimate (-1.0%) and with analysts already pencilling in larger CPI used car price declines including other data sources.
- Cumulative hikes from 5.33%: +3bp Sep (unch from Fri close), +9bp Nov (+1.5bp).
- Cuts from Nov terminal: 4bp to Dec’23 (unch), 67bp to Jun’24 (from 65bp) and 142bp to Dec’24 (from 139bp). The latter two head for the most inverted since the Jul 19 close.
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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