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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 a little further from yesterday’s highs, with March having fully unwound the retail sales boost and end-2024 pricing unwinding about half of it.
- Cumulative cuts: 16bp for March, 64bp for June and 144bp for Dec.
- The implied 3.89% effective rate for end-2024 is down from 3.95% seen just before the Fed’s Beige Book, but is still 22bps higher than pre-Waller.
- The Beige Book noted little or no change in economic activity since, with nearly all districts citing one or more signs of a cooling labor market and some increased consumer sensitivity to prices.
- Bostic (’24) has two appearances on the economic outlook today, with brief remarks and Q&A at 0730ET before prepared text but no Q&A at 1205ET. He has recently seen fewer cuts than the FOMC median, starting in Q3 with 50bps in 2024 (median 75bp), and on Sunday told the FT he expects “to see much slower progression on inflation moving forward”.
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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