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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 lower in reaction to NYCB highlighting material weakness following yesterday’s results. The Dec’24 implied effective rate of 4.45% is ~10bps below yesterday’s pre-data levels.
- Cumulative cuts: 1bp May, 7bp May, 22.5bp Jun, 38bp Jul and 88bp Dec.
- NY Fed’s Williams (voter) late yesterday didn’t add to comments from earlier in the week when he had said three cuts this year is a reasonable starting point. Goolsbee (’25 voter) meanwhile warned against overreacting to the increase in the six-month rate of core PCE inflation in yesterday’s data, whilst seeing further spillover benefits from previous supply chain normalization.
- A busy day for Fedspeak ahead. In voting order: Waller (voter)/Logan (non-voter) discuss a QT paper at 1015ET and Kugler (voter) speaks on the dual mandate incl text at 1520ET.
- Barkin (’24) appears on CNBC at 0830ET (he said Feb 21 that he worries that once goods deflation ends service inflation is still too high), Bostic (’24) speaks on the economic outlook and Daly (’24) is in a panel discussion.
- Double media appearances from Goolsbee (’25).
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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