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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 reversed the lift seen to 2H24 meetings on yesterday’s SLOOS report. A dovish leaning RBA 25bp hike had regional impact but very limited spillover for Tsys at the time.
- There remains very limited hiking impetus building to just 3bp of cumulative tightening over the next two meetings, followed by a cumulative 34bp of cuts to Jun’24 and 93bp of cuts to Dec’24.
- Kashkari spoke again late yesterday, both to the WSJ (indications inflation may land north of 2% and “that would be very concerning to me”) and Fox News (nervous to declare victory on inflation too soon, Fed needs to assess more data and see how the economy evolves).
- Today sees a deluge of Fedspeak. In chronological order: Kashkari (’23 voter) on BBG TV, Goolsbee (’23) on CNBC, VC Supervision Barr (voter) on fintech, Schmid (non-voter) opening remarks at Dallas & Kansas Fed energy & economy conference, Waller (voter) on economic data including text, Williams (voter) moderates a discussion at Economic Club of NY and Logan (’23) in a fireside chat at the Dallas & Kansas Fed energy & economy conference.
- We suspect the more market moving commentary is likely to come from first post-FOMC speak from Waller, Goolsbee and Logan. Schmid is likely limited by opening remarks and is set to vote this year or next, but any comments would still be watched in his newly appointed role.
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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