© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI: POWELL-NON-HOUSING SERVICES INFLATION SHOWS PERSISTENCE

MNI: FED'S POWELL-TIGHTER CREDIT MEANS RATES MAY NOT NEED TO RISE AS MUCH

Rpt-MNI INTERVIEW: Higher ECB Peak Means Faster To Cut-Simkus

MNI DATA FORECASTS: Flash PMIs In Market's Eyesight

EZ/UK Bond Supply Calendar: EU Bonds & UK APF Sales on Monday

MNI: CANADIAN MAR RETAIL SALES -1.4%; SALES EX-AUTOS/PARTS -0.3%

MNI: Canada Resilient To US Debt Ceiling Clash- Freeland

MNI BRIEF: BOC Defends 2% Target, Senate Asks About Raising It

MNI INTERVIEW: Canada Budget Keeps BOC On Pause: Ex Official

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
Trending Top 5
Market News Topics

Fed Rate Path Slips Back as Funding Stress Builds Again

STIR
HomepageBulletMarketsFixed Income NewsForeign Exchange NewsFOMC Calendar Market News
  • The latest risk-off push has seen a full reversal of the earlier bounce in Fed rate expectations.
  • It’s now back to pricing a 34bp hike for the March FOMC whilst the terminal has been pulled forward to another meeting, with a cumulative 73bp to 5.29% with the Jun FOMC (it landed with the Sep FOMC at ~5.65% two days ago).
  • June FRA/OIS is back at session and YTD highs of 30bps, up 14bps on the day vs somewhat sustained 2022 highs of 35bps and an outright high of 50bps.

FOMC-dated OIS implied rate for June (white) and July (yellow) meeting. June FRA/OIS (green)Source: Bloomberg

128 words

To read the full story

Why Subscribe to

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.
  • The latest risk-off push has seen a full reversal of the earlier bounce in Fed rate expectations.
  • It’s now back to pricing a 34bp hike for the March FOMC whilst the terminal has been pulled forward to another meeting, with a cumulative 73bp to 5.29% with the Jun FOMC (it landed with the Sep FOMC at ~5.65% two days ago).
  • June FRA/OIS is back at session and YTD highs of 30bps, up 14bps on the day vs somewhat sustained 2022 highs of 35bps and an outright high of 50bps.

FOMC-dated OIS implied rate for June (white) and July (yellow) meeting. June FRA/OIS (green)Source: Bloomberg