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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.
FED
The longer-run Fed funds dot moved up for a 2nd consecutive SEP: it's now at 2.75% (rounding to 2.8%), which is not a major surprise.
- There's a decent rise in the distribution here: last time there were 8 members at 2.5%, now that's down to just 5, with those 3 dots appearing to have migrated up to 2.75% (now 3 dots vs 1 last time) and 3.0% (now 4 vs 3 last time).
- The median could easily drift higher in future meetings: there are 10 at 2.75% or below, and 9 above.
- On a more esoteric note, we now count 19 dots in the Longer-Run column - new St Louis Pres Musalem appears to be participating in this projection, whereas his predecessor James Bullard did not enter a longer-run dot (leaving just 18 participants).
- There's now one at 3.625% marking the 2nd most hawkish dot on the chart, behind 3.75%, and 2 at 3.50%.
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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