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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 FUTURES
- Hikes implied by FOMC-dated Fed Funds for July sit within yesterday’s range at 68.5bps and remain near the low end of the post-FOMC range further out with 122bps for Sep and 174bps for Dec.
- The drop is more pronounced further out, with the peak in rates now at 3.41% at the Mar’23 meeting (182bp of hikes), down from a high of 3.66% on Wed.
- Similar relative story for ECB-dated OIS, with 29bps for the Jul 21 meeting and 145bps to year-end. Mixed Eurozone CPI with headline stronger but core softer than expected in the preliminary June release and manufacturing activity confirmed to have slowed in the final PMI with further downside risks implied by Sweden.
Cumulative hikes implied by FOMC-dated Fed Funds futuresSource: Bloomberg
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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