Free Trial

Fed March Pricing Shrugs Off ISM Services But With Increases Further Into 2024

STIR
  • Stronger than expected ISM services (with +7.3pts for priced paid following last week's +7.7pts in mfg prices paid) sees Fed Funds implied rates ultimately little changed for March but back near overnight highs for later meetings having dipped early in the US session beforehand.
  • Cumulative cuts: 5.5bp for Mar, 20bp for May, 40bp for Jun and 115bp for Dec.
  • March rates have lifted 9.5bps since last week’s FOMC, whilst the 4.18% for Dec’24 is closing in on the ~4.2% levels seen before the Dec FOMC’s perceived pivot.

To read the full story

Close

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.