Free Trial
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
- The stronger than expected ISM services report has helped further trim rate cut expectations after comments from Chicago Fed’s Goolsbee (’25 voter), whilst not particularly new having already spoken over the weekend, helped limit inter-meeting cut prospects.
- FFQ4 shows 4.5bp of cuts from an effective 5.33% effective vs 3bp with Friday’s close and 1.5bp pre-payrolls. That had touched 12bp overnight (presumably on low liquidity) and 7-8bp as US desks filtered in.
- There are still aggressive cuts seen, with still an extra 9-11bp of cuts across Sep-Jan meetings in additional to Friday’s close, despite the Dec’24 implied rate lifting 20bp intraday.
- Cumulative cuts from 5.33% effective: 58bp Sep, 96bp Nov, 128bp Dec and 150bp Jan.
- The SLOOS is still to be seen today. We expect further Fedspeak to push back against emergency cut prospects in particular. That could have an impact as sentiment is in the driving seat currently, whilst the next more notable data aren’t until weekly jobless claims on Thursday.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok