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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessGradually Extending Highs Pre-FOMC
- Bonds are gradually leading Tsys to new session highs, curves flattening (3M10Y -7.585 at -117.952, 2Y10Y -.308 at -73.883) ahead the FOMC annc at the top of the hour, Chairman Fed presser at 1430ET.
- Yields declining: 5YY at 4.4563% (-.0553), 10YY at 4.3127% (-.0459) after climbing to the highest levels since November 2007 (10YY 4.367%, 5Y 4.5205%) yesterday.
- Overall volume remains muted (TYZ3 <780k) ahead what is expected to be a "hawkish hold" from the FOMC: no change in rate but with a tightening bias ahead.
- Median of analysts’ expectations for the Fed’s September Dot Plot rates suggest that the central expectation is for no changes from June’s projections: 5.6% for 2023, 4.6% for 2024, 3.4% for 2025, with the new entry for 2026 at 2.6%, and the Longer-Run rate at 2.5%.
- Cross asset summary: Greenback weaker (DXY -.443 at 109.690), Gold firmer (+14.78 at 1946.14), crude near steady (WTI +.15 at 91.35) and stocks mostly higher: S&P E-Mini Future up 9.5 points (0.21%) at 4499.5, Nasdaq down 12 points (-0.1%) at 13666.72, DJIA up 222.57 points (0.64%) at 34740.99.
To read the full story
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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.