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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 terminal hike pricing is marginally higher on the day (+0.2bp, with 26bp seen for the rest of the cycle), shrugging off much larger moves for European counterparts Friday (ECB peak pricing -7bp, BoE +6bp) amid weak PMI readings/strong UK retail sales data.
- Fed Chair Powell's 2nd day of congressional commentary yesterday did little to change the July FOMC meeting outlook: hike pricing remains 19bp, basically unchanged from Thursday (pulling back a couple of basis points from post-BoE 50bp hike surprise levels), with the rest of the near-term path looking similar including 23bp cumulative through Sep and 26bp to the Nov peak.
- Rate spreads continue to point to cuts of ~145bp next year, and ~155bp between Sep'23 and Dec'24.
- US PMI data at 0945ET is the most closely eyed potential rate catalyst on the schedule, with Cleveland Fed's Mester up later.
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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