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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 rates have seen a recent dip lower again as First Horizon slides pre-market, after overnight steadily retracing a fall that started after Chair Powell’s presser concluded yesterday. Rates remain below pre-FOMC levels.
- Yesterday’s 25bp hike to 5-5.25% is still seen as the peak for the cycle with currently just 2.5bp of cuts priced for June and half of it unwound in July.
- Assuming a current effective 5.08%, the first full cut is seen for Sep (-32bps to 4.76%) with three cumulative cuts to year end (-80bps to 4.28%).
- Bullard (non-voter) and Gov Cook (voter) are first on the slate for tomorrow when the blackout is lifted.
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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