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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
- Continued volatility in Fed terminal rate expectations, now at 5.38-39% for the Jul meeting, between the post-PCE high of 5.44% and yesterday’s close 5.34%.
- The majority of the move came before Mester’s not overly hawkish reaction to the PCE beat (gratifying declined from peak but need to do ‘a little more’). Gov. Jefferson meanwhile didn’t offer much to go from in rare prepared remarks.
- Near-term hike expectations sitting at 31bps for Mar and a cumulative 59bp for May.
- Jefferson remarks: inflation driven by “complex mixture of temporary and more long-lasting elements that defy simple, parsimonious explanation… Ongoing imbalance between the supply and demand for labor, combined with the large share of labor costs in the services sector, suggests that high inflation may come down only slowly.”
Fed rate expectations, July meetingSource: 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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