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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-dated OIS trimmed very slightly for Dec on Brainard comments at 53bp ("probably appropriate soon to move to a slower pace"), still up 1bp from post-CPI close on Thursday.
- Terminal rate expectations are more mixed but on balance are currently 1bp lower at 4.93% (despite "but have additional work to do both on raising rates and showing sustaining restraint to bring inflation down over time"), for still up 4bp from Thu close, helped by a more hawkish Waller over the weekend.
- Coming after the initial reaction, Brainard doesn't really push back against the idea of rate cuts next year, instead focusing her answer on two-sided risks as get into restrictive territory.
FOMC-dated OIS implied hike in Dec (white) and terminal rate in Jun (yellow)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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