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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 for meetings over the next six months have on balance held steady overnight after yesterday’s large swings on global growth factors before stronger than expected US data.
- The September rate is +0.8bp on the day but still has a first 25bp cut more than fully priced, whilst the Dec and Jan rates are ~0.5bp lower.
- Cumulative cuts from 5.33% effective: 1.5bp Jul, 28bp Sep, 45bp Nov, 68bp Dec and 84bp Jan.
- Today sees the monthly PCE report in focus after yesterday’s Q2 upside surprises for both core PCE inflation and consumer spending, with both watched to see where those stronger readings fell across the quarter.
- Our bias would be that the earlier in the quarter, especially April, the greater the change of a partial retracement of yesterday’s hawkish rebound.
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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