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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 consolidate yesterday’s decline accelerated by Chair Powell’s remarks at the Economic Club of NY, sitting marginally lower for Nov and Dec meetings and slightly higher later into 2024.
- It sees just 0.5bp of tightening for the Nov FOMC, building to a cumulative 9.5bp of hikes to a terminal 5.43% in January, followed by 70bp of cuts to end-2024.
- Today’s docket is limited to ’23 voters, with Harker (0900ET) and Mester (1215ET) both on the economic outlook including prepared remarks.
- Harker has spoken a number of times, most recently late yesterday: at a point where we can hold rates where they are but won’t hesitate to support more hikes if needed. Not going to react to normal variability in M/M data, data point to steady if slow disinflation. I tend to be on low end of the dot plot.
- It’s Mester’s first appearance since US CPI, having said on Oct 6 that interest rates are at or very near peak with further tightening depending on incoming data and that the jobs report continues to show strong job market.
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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