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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 shift higher after a hawkish reaction to Powell yesterday mostly maintained similar comments to his Nov 1 FOMC appearance.
- Additional tightening is seen peaking with a cumulative 5.5bp over the next two meetings.
- The first cut from current levels is seen in July (cumulative 34bp) having shifted back from June pre-Powell.
- Cumulative cuts from peak to end-2024 stand at 82bp vs 88bp pre Powell and 87bp pre payrolls.
- Today’s Fedspeak schedule, Daly for the first time in a month:
- 0730ET Logan (’23) at ECB money markets conference (text, no Q&A) – last heard Nov 7 (inflation readings look like trending toward 3% not 2%, must stay focused on curbing inflation in timely way).
- 0900ET Bostic (’24) on economic mobility (no text, Q&A) – last heard Nov 11 (policy likely sufficiently restrictive, will stay restrictive until sure about 2% inflation)
- 1300ET Daly (’24) on CNBC - last heard Oct 10 (need more improvement for nonhousing services inflation, tight conditions could be equivalent to another rate hike)
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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