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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 pulled back through most of the US session to build on an overnight move that eats into Tuesday’s surge higher on CPI. Still, Dec’24 implied rates are only back to where they were immediately after the CPI release first hit.
- Cumulative cuts: 3.5bp Mar, 11.5bp May, 28.5bp Jun and 97bp Dec.
- The day’s moves have been helped by softer UK CPI inflation along with the Chicago Fed’s Goolsbee (’25 voter) sticking to his dovish guns: he doesn’t believe the last mile of the inflation fight is the hardest and inflation can be a bit higher but still remaining on track. “As I always say, especially about inflation, one month is no months. Let’s not get amped up when you get one month of CPI that was higher than what you expected it to be.”
- Speaking to House Democrats after Tuesday's CPI, Powell said recent inflation data was "consistent with what they had been anticipating," according to Rep. Stephen Lynch (D-Mass.), and that the Fed would look to the upcoming PCE report to "give them some more intel."
- Still ahead, potentially rare monetary policy musings from VC Supervision Barr late on at 1600ET.
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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