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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
- Fed Funds implied terminal and end-23 rates have exceeded yesterday’s post-CPI cycle highs. Holding at 79bp for the Nov 2 FOMC and a cumulative 142bp for 4.50% for Dec but the terminal is now seen at 4.95% in Mar’23/May’23 and only falling to 4.62% come Dec’23.
- The renewed increases comes after the sizeable beat in U.Mich inflation expectations (especially 1Y but also significantly 5-10Y) plus concerted Fedspeak after worrying breadth of inflation with Daly (’24) likely seeing rates go to 4.5-5% and then holding there.
- Bullard speaks on inflation Sat before a pause for scheduled Fedspeak on Mon with Empire, the first of the business surveys for Oct, headlining the docket.
FOMC-dated Fed Funds implied ratesSource: 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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