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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 a sizeable reversal today, with now 91bp of cuts priced for 2024 vs the more than 100bp before the US session got underway in spillover from softer UK data.
- Some factors at play have been stronger than expected housing data whilst more marginal has been Boston Fed’s Collins (non-voter) saying the Fed shouldn’t take further hikes off the table, a relatively hawkish stance for someone usually at the dovish end of the FOMC spectrum.
- The timing of the first cut more firmly pushes back into June whilst May pricing fades to a cumulative 18.5bps of cuts from 22.5bps early today.
- 2024 cut expectations have swung between 80bp and 100bp this week, although haven’t closed below 90bps since US CPI. The end-2024 implied rate of 4.42% is more than two and a half cuts below the median FOMC dot from September.
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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