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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
- The combination of a sizeable downside miss for the MNI Chicago PMI, higher than expected JOLTS job openings and then Jefferson (voter) and Harker (’23 voter) supporting skipping a June hike has seen decent swings in Fed rate expectations.
- The latter weighed most heavily, especially for June OIS pricing with most of the day's 7.5bp decline coming after Jefferson/Harker, to leave just +8bp priced, whilst it no longer fully prices a hike come July with +20bp (-5.5bps on the day).
- Aside from that particularly heavy decline in June pricing, subsequent meeting expectations have seen a slightly larger retracement but are still 2-3bps lower than pre-PMI levels for down -5.5-6.5bps on the day after earlier spillover from softer European core inflation and China PMIs.
- Tomorrow sees the last day before the media blackout starts Fri midnight, currently with just a repeat appearance from Harker scheduled.
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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