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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 drifted further lower overnight, extending yesterday’s larger decline from a combination of a dovish leaning Barkin after the close before more earnestly a slowing in Eurozone inflation. It sees the end-2024 implied rate now just 2.5bp above pre-FOMC levels.
- Cumulative hikes from 5.33% effective: +4.5bp Nov (-0.5bp), +9.5bp Dec (-0.5bp) and +9.5bp Jan (-0.5bp) with the terminal tied at 5.42%.
- Cuts from terminal: 24bp to Jun’24 (from 23.5bp) and 82bp to Dec’24 (from 80bp).
- Barkin (’24 voter): it’s hard to know where demand and inflation are heading but more tightening is to come from past rate hikes.
- Today’s sole scheduled Fedspeak comes from NY Fed’s Williams (voter) although it will be text-only at 1245ET owing to a personal matter. It will be his first remarks since last week’s FOMC, having said on Sep 7 that labor supply & demand is becoming more balanced and that underlying inflation measures have come down quite a bit whilst he is still focused on core services inflation progress.
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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