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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 dipped in recent trade as they continue a mixed US morning.
- They’re ultimately only back to pre-BoE levels though, with the Dec’24 rate 1bp higher than Tuesday’s close. It has remained within Tuesday’s retail sales-inspired range throughout.
- Cumulative cuts: 3bp Jul (unch), 18bp Sep (+0.5bp), 27bp Nov (+1bp), 47bp Dec (+1bp) and 61bp Jan (+1.5bp).
- The BoE decision saw some dovish spillover before more notable two-way trade on US data at 0830ET.
- Dovish factors: Jobless claims continued their recent trend increase, including initial claims for a payrolls reference period, and building permits & housing starts saw sizeable misses.
- Hawkish factors: Offsetting a surprise decline in Philly Fed manufacturing activity, the price components saw strong increases, especially prices received in a change from limited signs of renewed passthrough in prior months.
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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