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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 have more than reversed some mild overnight strength to sit a little lower on the day after a slew of weak preliminary June PMI readings across the Eurozone and UK.
- Cumulative cuts from 5.33% effective are within yesterday’s range: 3bp Jul (unch), 19bp Sep (-1bp), 27bp Nov (-1bp), 48bp Dec (-1bp) and 62bp Jan (-1bp).
- US flash PMIs headline today’s docket. There is no scheduled Fedspeak, with Governor Waller (voter) set to kickstart next week’s schedule early on with opening remarks in Italy.
- Overnight, Barkin (’24 voter) said the impact of Fed rate hikes will hit in time whilst there’s no question that frothy asset markets are supportive of spending. He needs to see more conviction and clarity on inflation before cutting, with data then determining further moves after the first cut.
- Goolsbee (’25 voter) meanwhile said in an unscheduled Fox News appearance that the Fed can cut if it sees more good inflation reports and that it doesn’t need annual inflation to hit 2% before cutting rates.
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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