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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 held onto the increases seen in European hours in a small extension of yesterday’s post CPI move.
- Cumulative cuts: 0.5bp Mar (unch from yday close), 3.5bp May (-0.5bp), 18.5bp Jun (-1bp), 31bp Jul (-2bp) and 82bp Dec (+2.5bp) – see table.
- The Dec'24 implied rate sits 11.5bp higher than before Friday's payrolls, 7.5bp of which has come since CPI. The recent late Feb highs implied just above the 75bp of cuts for 2024 penciled by the median FOMC participant in the Dec SEP.
- Tomorrow sees weekly jobless claims, retail sales and PPI, the latter as always watched closely for PCE implications and especially after softer medical care services in yesterday’s CPI report.
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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