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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 are unchanged for the Jul 26 FOMC but otherwise have drifted lower overnight. It is seemingly building on yesterday’s second half softer trading in response to a sizeable drop for Manheim used vehicle prices rather than any new drivers, with US CPI landing tomorrow.
- NY Fed Williams (voter) told the FT overnight he has pretty slow growth rather than a recession in his forecast, with little impact on current pricing.
- Cumulative moves from 5.08% effective: +22bp Jul (unch), +27.5bp Sep (-1bp), +32.5bp Nov (-1.5bp), +27bp Dec (-1.5bp). Rates are first seen lower than they are today with the May'24 meeting (cumulative -11.5bps, -3bp on the day).
- Cuts from Nov terminal: 6bp Dec’23, 64bp Jun’24 and 137bp Dec’24.
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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