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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
- Post-Memorial Day, Fed Funds implied rates are unchanged from Friday’s close for meetings through to September (where there are still low odds of a first cut), with meetings beyond that drifting slightly lower.
- Cumulative cuts from 5.33% effective: 0.5bp Jun, 3bp Jul, 14bp Sep, 21bp Nov and 35bp Dec.
- Ahead, Kashkari (non-voter) gives panel remarks at 0955ET (no text) before Governor Cook (voter) and Daly (’24 voter) speaks on AI’s impact on the economy at 1305ET (also no text).
- Overnight, Kashkari said he needs "Many more months of positive inflation data, I think, to give me confidence that it's appropriate to dial back" when asked what’s needed for cuts.
- Before that, Mester called for more detail in Fed statements and forecasts, building on a growing number of FOMC participants critiquing the current approach.
- Gov. Bowman (voter) meanwhile “would have supported either waiting to slow the pace of balance sheet runoff to a later point in time or implementing a more tapered slowing in the pace of runoff.”
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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