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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 a little from overnight highs but hold the bulk of yesterday’s strong climb seen on the consumer confidence beat before following yields higher with low demand for auctions.
- Cumulative cuts from 5.33% effective: 0.5bp Jun, 3bp Jul, 13bp Sep, 19bp Nov and 32bp Dec.
- CPI releases overnight have seen a beat for Australian CPI in April whilst German regional prints point to a small miss or an in line reading for the national headline CPI released later today but with service inflation accelerating strongly.
- The Fed’s Beige Book likely headlines today’s Fed commentary, with one area of focus on the latest tone around firms’ pricing power after noting a considerable weakening in recent months back in April.
- NY Fed’s Williams speaking at a community services roundtable should limit mon pol content whilst Bostic (’24 voter) spoke multiple times last week noting he still doesn’t expect to cut rates before Q4 and that rates are restrictive but their efficacy could be weaker.
- Williams’ speech at the Economic Club of NY tomorrow is likely more impactful.
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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