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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 only inched lower overnight, with slightly larger moves into 2H24 in a continuation of yesterday’s relatively mild reaction to the FOMC decision and press conference.
- They show cumulative hikes of +4.5bp for Sep (-0.5bp) and +10bp for Nov (-0.5bp) for a terminal of 5.43%, not quite pricing 50/50 odds of the second hike the median FOMC member pencilled in at the June meeting.
- Cut expectations from the Nov terminal remain in familiar territory: 5bp to Dec’23, 61bp to Jun’24 and 135bp to Dec’24.
- A heavy session ahead with the ECB decision before a US docket including 1st readings for Q2 GDP and core PCE price index, prelim readings for durable goods/wholesales inventories and jobless claims all before the BoJ overnight.
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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