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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 declined through today’s session, with very little by way of data (miss for Richmond Fed mfg to complete the regional Fed mfg surveys for December).
- It’s more than reversed increases seen in yesterday’s holiday-thinned trade and leaves some unusual level differences compared with levels from before Friday’s monthly PCE report.
- Of note, the March implied rate is some 2.5bps lower than pre-PCE levels for a cumulative 26bp of cuts, whilst July is unchanged with 102bp cumulative cuts - see table for more.
- The broad takeaway though is that there are five consecutive 25bp cuts priced from March to September.
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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