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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 are between unchanged and 0.5bp lower overnight as they continue to slowly roll back from Monday’s post CPI/PPI highs.
- For instance, the Dec’24 of 4.70% is down 3bps from Monday’s high and back to where it ended last week at a level that more firmly implies a coin toss for a third cut of the year with the December meeting (it was ~4.83% pre-CPI).
- Cumulative cuts: 1bp Jul, 25bp Sep, 40bp Nov, 63bp Dec and 80bp Jan.
- Data should be in more focus today with US flash PMIs at 0945ET although the week’s main releases are GDP/PCE starting tomorrow.
- The BoC decision at the same time could see some spillover with a second consecutive cut expected but the broader tone watched.
- Gov. Bowman and Dallas Fed's Logan give opening remarks but they should steer firmly away from anything monetary policy-related being in the FOMC media blackout.
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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