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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
- Fed Funds implied rates have nudged up marginally since Friday’s close, with still only a cumulative 9bp of tightening priced over the two meetings to November for a terminal 5.42% vs the median June dot showing another hike. It’s then followed by 52bp of cuts to Jun’24 and a cumulative 122bps to Dec’24.
- Cumulative hikes from 5.33% effective: +5.5bp Sep (+1bp), +9bp Nov (unch).
- Cuts from Nov terminal: 4bp to Dec’23 (unch), 52bp to Jun’24 (from 53bp Fri close), 122bp to Dec’24 (from 124bp).
- Kashkari (’23 voter) kickstarted post-FOMC Fedspeak yesterday with balanced rather than outright hawkish comments on CBS (inflation outlook “quite positive” but “if we need to hike, raise rates further from here, we will do so”). A typically more dovish Chicago Fed’s Goolsbee (’23 voter) is next up at 0920ET in a Yahoo Finance interview.
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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