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
- Fed Funds implied rates are unchanged overnight for Sep and Nov meetings and otherwise drift lower helped by ECB speak and EZ CPI but keep within yesterday’s range. The terminal 5.45% with Nov remains 5.5bp lower than pre-JOLTS levels whilst 2H24 implied rates are at least 20bps lower.
- Cumulative hikes: +3bp for Sep, +12bp for Nov to 5.45% terminal.
- Cuts from Nov terminal: 2.5bp to Dec (from 2bp yesterday), 50bp to Jun’24 (from 48bp) and 122bp (from 120bp).
- Atlanta Fed’s Bostic (’24 voter) reiterated his view that monetary policy is already restrictive enough to get inflation on track toward 2% whilst stressing that he doesn't see the need for easing any time soon. Recall that whilst separate to Bostic's vote as President for the Fed Funds target range, the Atlanta Fed Board was in favour of holding the discount rate unchanged in July.
- Collins (non-voter) is next up at 0900ET although remarks don’t sound mon pol-focused. She said Aug 24 that may need additional increments or may be near the hold point and that whilst it’s “not helpful” to map out a preset path for on rates, it’s extremely likely the Fed has to hold for some time.
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