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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 seen a slight lift overnight, buoyed by Gov Waller (voter) hawkish remarks after the close but still only back to levels after Wednesday’s CPI.
- Pertinent moves: +22bp Jul (+0.5bp on the day) with cumulative +30bp terminal Nov (+1bp). Cumulative 7bp of cuts to Dec’23 (from 8bp), 82bp to Jun’24 (from 84bp) and 160bp to Dec’24 (from 164bp).
- Waller cited shorter mon pol lags owing to forward guidance and the magnitude of the tightening. Worth reading if missed: https://www.federalreserve.gov/newsevents/speech/waller20230713a.htm
- Goolsbee (’23 voter) is the last of the formally scheduled speakers ahead of the media blackout starting tonight, in a Fox News interview at 0910ET. Typically at the more dovish end of the spectrum, he was undecided on what the Fed should do this month but saw a decent chance of further tightening in the pipeline when speaking post-payrolls last week.
Source: Bloomberg
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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