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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 from Friday’s close ahead of a relatively thin docket, with the Dec’24 implied rate keeping to the narrow range seen since last week’s softer retail sales data.
- Cumulative cuts from 5.33% effective: 3bp Jul, 19bp Sep, 27bp Nov, 47bp Dec and 62bp Jan.
- Reuters has recently published an interview with Mester (’24 voter retiring in a few days on Jun 30): “At some point I would be open to selling, for the [FOMC] to sell MBS” but not immediately.
- There’s a light Fedspeak schedule today, with the pick being Daly with her first post-FOMC mon pol remarks later in the session. Tomorrow sees greater focus with two permanent voters in Bowman and Cook speaking.
- 0830ET – Goolsbee (’25 voter) interview on CNBC. He said in an unscheduled Fox News appearance on Jun 20 that the Fed can cut if it sees more good inflation reports and that it doesn’t need annual inflation to hit 2% before cutting rates.
- 1400ET – Daly (’24 voter) speaks on mon pol and the economy (text + Q&A). She has recently focused on AI with her last mon pol comments from May 20 (not yet confident inflation is coming down sustainably to 2%).
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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