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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 sit in the higher end of recent ranges from the past two weeks (but still firmly within CPI-induced ranges) ahead of a deluge of data including a range of labor indicators before ISM services.
- Cumulative cuts from 5.33% effective: 2.5bp Jul, 18bp Sep, 26bp Nov, 45bp Dec and 58bp Jan.
- Today’s scheduled Fedspeak is confined to NY Fed’s Williams at 0700ET in a potentially important panel on the drivers of equilibrium interest rates (text + Q&A), although Powell didn’t materially move markets yesterday.
- Williams, typically one of the more dovish members of the FOMC, said on Monday that he’s confident the Fed is on path to achieving 2% inflation whilst his last more detailed commentary on Jun 18 was that he expects rates to fall to more normal levels in the next few years.
- It’s followed by the FOMC minutes – see the MNI Preview here: https://roar-assets-auto.rbl.ms/files/65084/FedMinutesPreview-July2024.pdf
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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