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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 are moving towards the end of the session having pushed higher by the announcement of the ECB’s 50bp hike and then more durably and significantly by earlier headlines that major US banks were in talks of coordinating a rescue of First Republic before it turned out to be $30B of deposits at the bank.
- Data on the day have been mixed, with surprisingly low initial jobless claims almost fully reversed the equally surprising uptick last week and very strong building permits, but with more dovish implications from falling non-oil import prices and a sharp fall in Philly Fed manufacturing shipments and new orders.
- Pricing a 19bp hike for next week’s FOMC (+7bp) and a cumulative 35bp to a terminal 4.93% May (+12bp). It’s followed by now 72bp of cuts to a 4.21% at year-end (+47bps) vs 106bps at yesterdays close.
Fed Funds implied hikesSource: 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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