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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
- FOMC-dated OIS implied rates have faded from post-payrolls highs and haven’t meaningfully changed odds of a 25bp hike on Jun 14, whilst the July terminal doesn’t quite fully price in another hike with +22bps.
- It holds sizeable increases for subsequent meetings though, with 31bp of cuts from terminal to a year-end rate of 5.00% for an effective that is just 9bp lower than current levels - see table for full run.
- There haven’t been any Fed pop-up appearances since the data ahead of the start of the media blackout tonight, leaving markets continuing to weigh up Jefferson and Harker’s skip narrative after an inconclusive payrolls report whilst ultimately waiting on CPI on day one of the Jun 13-14 meeting. In WSJ Timiraos’ words: “A difficult one for the Fed, with many officials saying this report would be very important, because it has a "choose your narrative" element to it."
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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