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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 cooled a little overnight but remain off post-FOMC lows, aided by yesterday’s data.
- The data included firmer PMI price components, particularly strong Philly Fed forward-looking manufacturing sentiment and then a surge jump in existing home sales.
- Cumulative cuts from 5.33% effective: 4bp May, 20.5bp Jun, 32bp Jul, 52bp Sep and 82bp Dec.
- Fedspeak: Fed Chair Powell starts post-FOMC blackout proceedings, with opening remarks at 0900ET before VC Jefferson and Gov. Bowman moderate discussions with industry leaders at a Fed Listens event.
- That’s unlikely to be market moving, with Powell presumably sticking to remarks from the press conference statement if touching on policy at all, but is still worth being aware of.
- VC Supervision Barr (voter) follows in a discussion on international monetary design at 1215ET (no text), before Bostic (’24 voter) in a discussion about household finance at 1600ET (no text). Bostic revealed his above-median dot after the Dec SEP - looking for two cuts in 2024 - and will be watched for a similar indication today.
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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