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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 holding the intraday nudge higher after upward revisions to IMF GDP and core inflation projections landed alongside decent beats for US house price growth.
- Cumulative hikes from 5.08% effective: 24.5bp for tomorrow (unch), +30bp for Sep (+1bp) and +36bp to 5.44% terminal in Nov (+1bp).
- Cuts from Nov terminal: 4bp to Dec’23, 56bp to Jun’24 and 127bp to Dec’24, little changed from levels at the start of the US session with a mostly parallel shift higher since then.
- SOFR meanwhile sees an increasingly large sell-off along the curve, with 2023 contracts -0.01/-0.02, building to -0.04 for SFRM4, -0.07 for SFRZ4 and -0.09 for SFRM5. The SFRU3/Z4 spread of -131bps is the smallest in absolute terms since Jul 7’s close having fully reversed the US CPI hit yesterday at -136.5bps.
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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