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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 unwound some of their earlier decline to leave them almost unchanged on the day.
- A surprisingly large decline for wholesale trade sales in March (-1.3% M/M vs cons +0.8%) aside, there has been little by way of headlines whilst Fedspeak from Collins (’25 voter) and a financial stability-focused Cook (voter) hasn’t moved the needle.
- Cumulative cuts from 5.33% effective: 3bp Jun, 9bp Jul, 22bp Sep, 30bp Nov and 44bp Dec.
- Tomorrow sees some more notable data with weekly jobless claims whilst Daly (’24 voter) speaks in a fireside chat at 1400ET. She said Apr 16 that the worst thing the Fed can do now is act urgently as it’s not necessary - there’s a need to be confident inflation is going to 2% before reacting.
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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