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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 seen a significant push higher today despite a lack of data, unwinding about half of Friday’s decline that mostly came after the softer than expected ISM mfg.
- It leaves a rate path very similar to levels shortly before Chair Powell’s remarks (see table) but tomorrow likely provides a test with data including ISM services and JOLTS, all with Friday’s payrolls report on the horizon.
- In the interim, there is still more than 50% odds of a cut with the March FOMC (16.5bp cumulative), with two cuts fully priced for June (52bp cumulative) and just shy of five cuts for 2024 as a whole (122bp).
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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