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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 modestly extend yesterday’s late trimming of a sizeable increase, leaving terminal pricing still close to pre-payrolls levels and rate expectations at the low end of recent ranges.
- Cumulative hikes from 5.33% effective: +1.5bp Sep (unch), +11bp Nov (-0.5bp) to a terminal 5.44%.
- Cuts from terminal: 1bp to Dec’23, 40bp to Jun’24 and 108bp to Dec’24. The first cut from current levels is priced for June.
- After unscheduled appearances from Waller (voter, who surprised on the dovish side) and Mester (’24 voter, remained hawkish), today sees first Collins (non-voter) and then Logan (’23 voter), either side of an appearance from former St Louis Fed’s Bullard and the Fed’s Beige Book. Logan was last heard from on Jul 6 when she noted the need for more restrictive policy whilst remaining very concerned about a sustainable and timely return to the inflation target.
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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