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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 pushed lower today, not so much for near-term meetings which continue to expect a modest amount of additional tightening, but more so with a build in cut expectations into 2H24 especially.
- Cumulative hike from 5.33% effective: +4bp Sep (unch), +8.5bp Nov to 5.41% terminal (-1bp).
- Cuts from Nov terminal: 4.5bp to Dec’23 (unch), 58bp to Jun’24 (from 53bp yesterday close), 129bp to Dec’24 (from 122bp) with the latter two the highest since Jul 26.
- A dovish Bostic (’24 voter) late yesterday: significant reduction in inflation breadth and economy evolving in wage consistent with orderly slowing, don’t expect rate hike will be necessary in September. Don’t see rate cut until 2H24 at the earliest.
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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