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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 haven’t taken heed of FOMC participants pushing back on the timing/size of rate cuts over the weekend and earlier today, and instead have slipped lower to reverse a large part of Friday’s lift.
- There is a cumulative 21bp of cuts priced for March, 44bp for May, 67bp for June and 146bp for end-2024. The 3.87% implied effective rate for Dec’24 is close to where it closed after Wednesday’s FOMC decision.
- Goolsbee (’23 voter) yesterday said “We’ve got to get inflation down to target… Until we’re convinced that we’re on path to that, it’s an overstatement to be counting the chickens.”
- The FT this morning ran Mester (’24 voter) saying “the next phase is not when to reduce rates, even though that’s where the markets are at. It’s about how long do we need monetary policy to remain restrictive in order to be assured that inflation is on that sustainable and timely path back to 2 per cent", whilst disclosing she was among the members to forecast 3 25bp cuts next year.
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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