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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
- FOMC-dated OIS implied rates for the next two meetings continue to be weighed by yesterday’s back-to-back support for skipping a June hike from Gov. and VC nominee Jefferson (voter) and Harker (’23 voter).
- The market only prices around 1/3 chance of a June hike from ~2/3 yesterday, and still doesn’t fully price a hike ahead, but subsequent meetings have seen some recovery higher ahead of a today’s labor-heavy data releases before Friday's payrolls report.
- Cumulative changes from 5.08% effective: +9bp Jun (+0.5bp on the day), +20.5bp Jul (unch), +15bp Sep (+1bp), +2bp Nov (+2bp), -13.5bp Dec (+4bp) and -32bp Jan (+5bp) – table below for comparison with pre-Chicago PMI levels.
- A repeat appearance from Harker at 1300ET including text remains the sole scheduled Fedspeak in the last two days before the media blackout starts Fri midnight.
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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