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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 FUTURES
- Fed Fund implied hikes have pushed back higher overnight, retracing yesterday’s decline albeit not completely in 2H23.
- Buoyed by Kashkari (’23) saying late yesterday any talk of Fed pivot entirely premature ("There's a lot of talk in the public about will we raise rates by 50 basis points, 75 basis points [in Dec]? Those are certainly going to be on the table, but could it something beyond that? It's possible too.") with only modest net impact on terminal from China’s top leadership urging more precise, target Covid control.
- 57.5bp for Dec (+1bp), cumulative 96.5bp to 4.81% for Feb (+2.5bp), terminal 5.08% for May/Jun’23 (+4.5bp) and 4.73% for Dec’23 (+3.5bp).
- Fedspeak: Harker (’23 voter, text) 0900ET, Logan (’23, text) 0935ET, Daly (’24) 1100ET, Mester (’22) 1230ET and George (’22) 1330ET with text tbd for latter two.
FOMC-dated Fed Funds implied ratesSource: Bloomberg
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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