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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 pulled back from yesterday’s increase to leave them little changed from Friday’s close at levels after payrolls and ISM services had been digested.
- Cumulative cuts from 5.33% effective: 3bp Jun, 9bp Jul, 22bp Sep, 32bp Nov, 46bp Dec.
- Kashkari (non-voter) is the sole speaker scheduled today in his first post-FOMC appearance. He said Apr 18 that the Fed can cut rates once inflation is heading back to 2% and it could wait until 2025 to do so. We expect his fireside chat at the Milken conference (1130ET) to cover most bases but he also appears on Bloomberg TV (1320ET).
- Yesterday, Williams (voter) said we’ll eventually have rate cuts but the decision will be based on the totality of the data. Barkin (’24 voter) believes the full impact of higher rates is yet to come but the strong labor market gives the Fed time to gain confidence before cutting – policy is restrictive but time will tell if it’s sufficiently so with it expected to take a while for services inflation to cool.
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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