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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 seen some notable declines on the day, with no new data drivers amidst a thin docket but rather extending yesterday’s post-Powell drop to more than reverse the climb seen after strong retail sales data earlier in the week.
- There are no longer any hikes priced for Nov, and cumulative tightening builds to just 7.5bp for a 5.41% terminal in January (-2bp) from the current effective rate of 5.33%.
- The Dec’24 rate drops to 4.64%, -8bp on the day and -14bp since Powell spoke on Thursday as it pulls back having seen a strong increase toward the 5-5.25% median dot for end-2024 in the September dot plot.
- Cuts from terminal: 27bp to Jun’24 and 78bp to Dec’24.
- There are still some FOMC members lined up to speak next week, including Chair Powell, but it will be strictly for opening remarks considering the media blackout starts at midnight ET today ahead of Nov 1 decision.
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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