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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 Funds implied rates are near unchanged overnight as they keep to levels seen after higher than expected initial jobless claims. The preliminary U.Mich consumer survey for May headlines an otherwise light data docket.
- Cumulative cuts from 5.33% effective: 3bp Jun, 9bp Jul, 23bp Sep, 32bp Nov and 47bp Dec.
- Bostic (’24 voter) in unscheduled remarks from an interview with Reuters: the Fed remains on track for a single rate cut this year although the timing is uncertain.
- There’s a heavy schedule for Fedspeakers today although we see a low likelihood of meaningful monetary policy comments considering the combination of topics and recent comments. Of those more likely to touch on mon pol, Goolsbee and Kashkari have each spoken since Friday’s NFP report.
- Recent context: Goolsbee said more jobs reports like [April’s release] the more comfort I will have but need to have comfort that the bump in inflation isn’t a sign of reacceleration. He then followed up on Sat criticizing the dot plot lacking conditionality context. Kashkari said Tuesday that his June dot could be two cuts, one cut or no cuts at all, but not more than two cuts, and that if inflation becomes embedded the Fed could hike if needed.
- 0900ET Gov Bowman (voter) on financial stability risks (with text)
- 1000ET Logan (non-voter) in moderated Q&A at a bankers’ conference
- 1000ET Kashkari (non-voter) in tech-based Q&A
- 1245ET Goolsbee (’25 voter) in moderated Q&A
- 1330ET VC Supervision Barr (voter) gives commencement speech
- 1415ET Kashkari (non-voter) and Goolsbee (’25) in CNBC interview
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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