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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
- SOFR futures are holding most of their limited gains, led by the SFRM3 +0.02 with gains tailing off to a small -0.01 cheapening for 1H24 contracts and then only building again out into the green pack and beyond.
- The moves see a small further tightening in the SFRM3/Z3 time spread to -0.3275 at what would be its tightest close since Mar 9 very early on in SVB-related spillover.
- Volumes are unsurprisingly subdued on Memorial Day, with the SFRM3 seeing a cumulative 47.5k vs the recent average of 81k for the time of day, and at a time when they’d usually kick on from here.
- An increasing shift to data dependence, echoed most recently by Chicago Fed’s Goolsbee (’23 voter) over the weekend and before that Daly (’24 voter) calling for “extreme” data dependence ahead of the Jun 15 FOMC, helps limit moves on the day. With that in mind, Friday’s NFP report will be particularly important but with plenty of other notable second tier releases before then.
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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