Free Trial
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
- The ISM Services miss sees Fed Funds implied rates extend the day’s declines following a collection of dovish releases today, with the latest decline possibly limited by ISM prices paid only seeing a limited miss compared to the much larger declines in new orders and employment.
- The Dec’24 implied rate is down a further ~2.5bp since the ISM Services report for 5bps lower vs pre-ADP levels.
- At an implied effective 4.85% (48bp of cuts), it leaves end-2024 rates at a similar level to after the US retail sales miss on Jun 18 but above the initial levels seen after the US CPI miss on Jun 12.
- See the below table for the nearer-term meeting run.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok