MNI BRIEF: Powell-QT Trim To Extend Approach To Ample Reserves

MNI BRIEF: Powell Says Fed Can Wait For More Policy Clarity

MNI: FOMC Statement Comparison March Vs January

MNI BRIEF: China-Germany To Deepen Green Cooperation

CHINA PRESS: China Inclusive Finance-Prosperity Index Up In February

MNI China Press Digest March 19:HKE, Inclusive Finance, Stocks

MNI: FED HOLDS RATES AT 4.25%-4.5%, SEES 2 CUTS THIS YEAR

EZ/UK T-Bill Calendar: 1/3/6-Month UKTBs Auction on Friday

EZ/UK Bond Supply Calendar: Spain, France, Ireland Thursday

GERMANY: Handelsblatt Report on Lingering Uncertainties Ahead of Bundestag

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

STIR: ISM Services Unwinds Dovish ADP Employment Move

STIR
BulletMarketsFixed Income BulletsForeign Exchange Bullets

The dovish ADP employment move fades in the wake the higher-than-expected ISM services survey (with both the headline reading and major components topping expectations).

  • Fed Funds now price 73.5bp of cuts through December vs. 80.5bp ahead of the data.
  • 12bp of cuts priced through May and 29bp showing through June, compared to 14bp & 32bp pre-data.
  • Ongoing signs of sticky services inflation present continued background worry for the Fed, but markets have become more attuned to downside economic growth risks in recent weeks.
80 words

To read the full story

Close

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.

The dovish ADP employment move fades in the wake the higher-than-expected ISM services survey (with both the headline reading and major components topping expectations).

  • Fed Funds now price 73.5bp of cuts through December vs. 80.5bp ahead of the data.
  • 12bp of cuts priced through May and 29bp showing through June, compared to 14bp & 32bp pre-data.
  • Ongoing signs of sticky services inflation present continued background worry for the Fed, but markets have become more attuned to downside economic growth risks in recent weeks.