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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.
FED
- Cleveland Fed’s Mester (’22 voter) notes “this isn’t a short campaign on rates” and the Fed is “all in” and “resolute” on dealing with inflation, whilst needing to see a lot more convincing evidence that inflation is easing.
- On her rate outlook, she sees either a 50 or 75bp hike at the September FOMC but awaits data, whilst she sees rates may have to go above 4% and hold them there in 2023 (said on Aug 4 she sees rate peaking a little above 4% in 2023 but without the potential time on hold thereafter).
- Little hawkish reaction in front end Tsy yields with 2YY still volatile but currently +3.3bps at 3.40% amidst a session range of 3.33-3.44%. However, continued talk of a higher terminal rate likely helps Fed Funds implied rates to continue trending higher with a terminal currently seen at 3.81% in Mar’23 and a Dec’23 rate of 3.46%, especially if data come in stronger with an eye on payrolls on Friday.
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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