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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 sizeable overnight moves but on balance hold slightly higher as they extend a move seen through late yesterday.
- 10bp hike for May (+0.5bp), 20bp of cuts for Sept to 4.63% (+2bp) and 47bp of cuts for Dec to 4.36% (+2bp), all based off an effective 4.83%. The 4.37% year-end rate is at the higher end of the 3.5-4.5 range seen since Mar 13.
- Fedspeak: Kashkari (’23 voter) in moderated town hall, Barkin (’24) with text and Collins (non-voter) with text. Kashkari and Barkin have spoken since last week’s FOMC but relatively limited - Kashkari potentially the lone 5.9% 2023 dot after Bullard ruled himself out.
FOMC-dated Fed Funds futures 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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