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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 remain steadfast for 2023 meetings, with no impact from the RBA holding vs a hike on balance expected by analysts but only circa 35% priced, although soften slightly into 2024 weighed by a weaker China Caixin PMI.
- Cumulative hike from 5.33% effective: +4.5bp Sep (unch on the day), +9bp Nov to terminal 5.42% (unch)
- Cuts from Nov terminal: 4bp to Dec’23 (unch), 55bp to Jun’24 (from 53.5bp) and 126bp to Dec’24 (from 125bp).
- Goolsbee (’23 voter) gives welcoming remarks after yesterday’s dovish remarks (“fabulous news” to see inflation coming down, monthly readings coming in “quite good”, some progress in service inflation has been a “nice bonus”).
Source: 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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