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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 FUTURES
- Fed Funds implied rates mostly look through Biden’s debt talks comments aside from a further tick up in June pricing, with larger moves on the day coming earlier after the US open.
- Cumulative change from 5.08% effective: +5bp Jun (+2.5bp on the day), -0.5bp Jul (+3.5bp), -13bp Sep (+3bp), -32bp Nov (+4bp), -55bp Dec (+5bp) and -76bp Jan (+6bp).
- As such the June decision is still seen with only a small hiking bias but later rates such as the Dec’23 at 4.53% have now climbed 15bps since Friday’s close and imply just over two cuts from current levels after more than three post-CPI on May 10, with the only notable upside data surprise since then long-term U.Mich inflation expectations.
- It's back at levels seen May 2 prior to a JOLTS miss after which there was further downward rates pressure from the FOMC.
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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