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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 for 2024 meetings have pulled back slightly on the day but it comes from particularly elevated levels as a hawkish reaction continued to build after Chair Powell’s conference finished.
- Shown in the table comparing levels before both the announcement and press conference, the main takeaway has been a further large trimming of cut expectations on net.
- Cumulative hikes from 5.33% effective: +7.5bp for Nov, +13bp for Dec and +14bp to 5.47% for Jan.
- Cuts from terminal: 21bp to Jun’24 (27bp pre-decision) and 74bp to Dec’24 (86bp pre-decision) with the latter to an effective 4.73% vs 5.1% end-2024 dot. The first cut is seen landing in September.
- Earlier today, the SNB surprisingly held rates at 1.75% (cons 2.00%), whilst the Norges Bank and Riksbank both hiked 25bps as expected to 4.25% and 4%, whilst indicating peaks of 4.5% and 4.1% respectively. The BoE follows shortly.
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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