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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 only chipped away at yesterday’s push lower with the press conference.
- 20.5bp for Mar, a cumulative 30bp for May and 31bp to technically a terminal 4.90% Jun before cutting to 4.40% in Dec.
- The more notable move remains increased cut expectations in 2H23, shifting from 44bps to 49bps from the June peak to Dec. However, this is still similar to levels seen in days after last month’s payrolls & ISM services miss (ahead of both reports due tomorrow).
- First though, clear potential for spillover from the BoE and then ECB decisions.
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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