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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
- FOMC-dated OIS rates have firmed overnight, with a helping hand from German regional CPI data pointing to mild upside risk for the national measure. Latest comments from Bostic (’24 voter) in Dublin help take some of the edge off the increase, even though for now consistent with Jun 23 comments that he favors no more rate hikes for the rest of the year.
- Year-end rates are still near the higher end of yesterday’s range though after Powell didn’t rule out consecutive hikes before the move was fully reversed at the time.
- Cumulative moves from 5.07% effective: +20bp Jul (+0.5bp), +25.5bp Sep (+1bp), +31bp Nov (+2bp), +25bp Dec (+1.5bp), +13.5bp Jan (+3.5bp) and out to -37bp for Jun’24 (+2.5bp). The 68bp of cuts from the Nov terminal to Jun’24 tightens just 1bp on the day.
- Earlier today, Powell comments at a Bank of Spain discussion again reiterated that the majority of the FOMC sees 2 or more rate hikes by year-end. Bostic (’24 voter) speaks more in depth on the economic outlook at 1500ET.
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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