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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 are unchanged overnight for near-term meetings and slightly higher further out, but don’t change the yesterday’s takeaway of pushing back close to pre-ISM Services levels.
- Cumulative hikes from 5.33% effective: +1.5bp Sep and +11.5bp Nov to a terminal 5.45%, still closely followed by +11bp for Dec.
- Cuts from Nov terminal: 39bp to Jun’24 (from 40bp yesterday) and 109bp to Dec’24 (from 108bp). It’s been a volatile week for 2024 rate cut expectations, closing on Monday at 124bp before recent lows of 101bp after ISM.
- Logan (’23 voter) after the close yesterday: “My base case is that there is work left to do […] I’m not yet convinced that we’ve extinguished excess inflation. But in today’s complex economic environment, returning inflation to 2% will require a carefully calibrated approach — not endless buckets of cold water”.
Source: 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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