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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 hikes for the June FOMC have firmed through European hours after mixed European inflation (GS modestly revised up EZ headline but core down), leaving it slightly higher than yesterday’s close with +16bp priced.
- The June lift was helped by Mester (’24 voter) telling the FT she sees “no compelling reason” to pause rate hikes, particularly in the wake of the debt-limit deal.
- Subsequent meetings remain lower on the day though, continuing the rolling over seen this week with the Dec’23 rate currently at 4.93% having touched highs of 5.05% in Monday’s holiday thinned trade.
- Cumulative changes from 5.08% effective: +16bp Jun (+1bp on the day), +24bp Jul (-1bp), +16.5bp Sep (-2bp), +1bp Nov (-3bp), -15bp Dec (-2.5bp) and -34bp Jan (-2.5bp).
- Plenty of Fedspeak ahead with Collins (non-voter) and Gov Bowman (voter) bookending remarks at a Fed Listens Event, Harker (’23 voter) with a no text fireside chat on monetary conditions (note speech starts 1330ET vs event start 1230) and Vice Chair nominee Jefferson (voter) on financial stability including text at 1330ET before the Beige Book. Harker has seen the longest gap since he last spoke, on Apr 21 saying rates are “pretty close” to where we need to be.
Source: 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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