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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 implied rates have jumped higher with the surprisingly resilient retail sales report.
- It pushes the rate path back above pre-CPI levels across 2024 meeting, with largest relative gains for Mar-July meetings.
- Cumulative cuts: 15bp March, 36bp May, 62bp June and 143bp Dec (latter vs 166 pre-Waller).
- However, it could as ever be prone to paring some more of the move considering retail sales have a much smaller share of services than the broader consumer spending data due next week. These data shown goods nominal consumption lagging that of services over the past year (goods 3.3% Y/Y vs services 6.5% Y/Y in Nov) and which could have been due some catch-up – recall services are about two thirds of consumption.
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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