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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 FUTURES
- Fed Funds implied hikes have faded from overnight highs but remain above yesterday’s close after Powell opened the door to a 50bp hike.
- 41bp for Mar (+0.5), cumulative 74.5bp for May (+1bp), 106bp to 5.64% terminal in Sep (+1.5bp) before 13bp of cuts to 5.51% year-end (+0.5bp). The parallel shift higher in 2H rates has held that half a cut priced since the core PCE beat.
- GS expect the median dot will rise by 50bp to 5.5-5.75% in 2023 in the March meeting and see the same rate for their terminal call (+25bps).
- Fed: Powell round two at the House (1000ET) plus Barkin (’24 voter) at 0800ET having on Mar 3 called for a shallower/more deliberate rate path to give more flexibility and the Fed Beige Book (1400ET).
FOMC-dated Fed Funds implied ratesSource: Bloomberg
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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