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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 given back a small part of yesterday’s latest sizeable shift higher spurred by stronger than expected retail sales data.
- Cumulative hikes from 5.33% effective: +2.5bp Nov (-0.5bp on the day), +11bp Dec (-1bp) and +13.5bp Jan to a terminal 5.465% (-1.5bp).
- Cuts from terminal: 24bp to Jun’24 and 71bp to Dec’24, the latter putting back marginally from 70bps at yesterday’s close and at levels touched after the hawkish FOMC dot plot on Sep 20.
- Housing data aside, the session is backloaded with a plethora of Fedspeak including permanent voters Waller, Williams, Bowman and, after the close, Cook for the first time since the Sep FOMC. We also hear from Harker ('23 voter) and Barkin ('24) today. Chair Powell is firmly on the radar though with tomorrow’s appearance at the Economic Club of NY.
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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