Free Trial

Fed Rate Path Maintains Recent Range Pre PMIs

STIR FUTURES
  • Fed Funds implied hikes keep to yesterday’s levels: 26bp for Feb 1 (unch), cumulative 46.5bp for Mar (+0.5bp), 58bp to 4.91% terminal (-0.5bp) before cutting 46bps to 4.45% Dec (-1.5bp).
  • The terminal has kept to a fairly narrow range of 4.86-4.94% ever since the miss for Dec ISM services.
  • Conflicting signs from Europe ahead of today’s Jan prelim US PMI, with the Eurozone composite beating (+0.9pts to 50.2, cons 49.8) but the UK composite missing (-1.2pts to 47.8, cons 48.8).

To read the full story

Close

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.