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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 continued to push higher in moves started by beats for jobless claims & Philly Fed mfg before Williams (voter, usually dovish-leaning) saw “no urgency” for cuts, with them coming “eventually at some point”. They have however most recently given back a small part of the rise after the strong 5Y TIPS auction.
- Cumulative cuts from 5.33% effective: 1bp May, 4bp Jun, 11.5bp Jul, 22bp Sep, 39bp Dec.
- The Dec’24 implied rate of 4.94-95% is back close to latest highs of 4.96% seen on Monday after a strong beat for retail sales. It compares with the median FOMC dot of 4.5-4.75% from the March SEP.
- Still to come, potential local media interviews with Collins (non-voter) and Bostic (’24, already heard from today). It leaves Goolsbee (’25 voter) as the sole speaker scheduled for tomorrow, who we’ve also heard from since the strong US CPI last week.
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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