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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 out the next twelve months have moved lower today after softer PCE data and a miss for the Chicago PMI, but with moves limited on the day by an earlier increase through European hours.
- It keeps a terminal rate seen with the Nov meeting from a cumulative +33.5bp hike (-1bp on the day), with any additional hikes from the current 5.07% effective reversed by the May decision and an unchanged 60bp of cuts from the Nov terminal to 4.81% in Jun’24.
- Chicago Fed’s Goolsbee (’23 voter) didn’t move the needle earlier, noting that the Fed will get a lot more data for July – a meeting he still hasn’t decided on – albeit without much of a dovish tilt as he noted that goods inflation hasn’t come down as fast as expected.
- SOFR futures are mixed, trading up to 4.5 ticks for the Dec’23 (with the day’s most active volumes at a cumulative 335k) before fading to a 2 tick sell-off out in the Dec’24 with the pivot coming in Sep’24.
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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