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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 little changed overnight having drifted higher yesterday, with focus on retail sales ahead.
- It’s a move that has left 2024 cut expectations at the low end of the post-CPI range, with 76bps of cuts from terminal to end-2024, not quite back to the recent low close of 71bps after the FOMC’s hawkish dot plot of Sep 20.
- Cumulative hikes from 5.33% effective: 2bp to Nov, 9bp to Dec and 9.5bp to Jan for a terminal 5.425%.
- Cuts from terminal: 26bp to Jun’24, 76bp to Dec’24.
- Ahead, a plethora of Fedspeak including permanent voters Williams and Bowman, although Williams is moderating and Bowman speaking on payments innovation which could heavily limit scope on mon pol discussions. It leaves Barkin (’24 voter) focusing on the economic outlook at 1045ET before Kashkari (’23) coming very late in the session at 1700ET. Barkin said on Oct 5 that rates feel high now but they’re not over the long term.
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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