Free Trial

FOMC Minutes Don't Move The Needle With Payrolls Lurking On Horizon

STIR
  • There has been very little change in implied Fed rates with the dust settled on the FOMC minutes, which revealed that “some” participants favored hiking 25bps last month or could have supported such a proposal.
  • FOMC-dated OIS sits with a 21.5bp hike for the Jul 26 decision, building to a cumulative 33bp of hikes to a terminal 5.40% in November, before 4bp of cuts to year-end and 51bp of cuts to Jun’24.
  • Up next is NY Fed’s Williams (voter) with a no text discussion at 1600ET before tomorrow’s labor-heavy docket in the run-up to Friday’s payrolls report.

To read the full story

Close

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.