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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 have pulled back off overnight highs but nevertheless have built on the extension on the initial post-payrolls lift seen later in Friday’s session.
- Cumulative cuts from 5.33% effective: 2bp May, 13.5bp Jun, 23bp Jul, 39bp Jul and 64bp Dec.
- The latter comes from an implied rate some 9bps higher than pre-payrolls levels, and pushes more notably above the median FOMC dot for 75bp of cuts.
- Friday saw preeminent FOMC hawks Bowman and Logan say it’s “still not yet” time/“much too soon” to talk about rate cuts.
- Ahead, a dovish Goolsbee (’25 voter) on local radio at 1300ET is the sole scheduled Fedspeaker for today. He said Apr 4 that its worth staying attuned to a deterioration in the jobs market but that the thing to watch is inflation and especially housing inflation as the most valuable near-term indicator.
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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