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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
- A moderation in consumer inflation expectations, with the NY Fed’s 1Y measure hitting its lowest since Apr’21, hasn’t stopped a churning higher of Fed Funds implied rates today.
- It sees the terminal back at 5.43% for a cumulative 10bp of tightening with the Nov FOMC (+1bp on the day) via an unchanged +2.5bp next month.
- Larger moves are seen for 2024 meetings, with now 50bp of cuts from terminal to Jun’24 (54bp Fri close) and 118bp from terminal to Dec’24 (from 124bp), on track for the joint smallest cuts pricing at close since the July FOMC. It also leaves those implied rates close to pre-payrolls levels after a significant rebound since last week's CPI report.
- Tomorrow sees sole scheduled Fedspeak from Kashkari (’23 voter) after what has only been very limited commentary from him since Jul 26, plus the above heavier docket including retail sales.
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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