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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.
MNI Fed Review - July 2023: September’s Open
MNI Fed Review - July 2023: September’s Open
EXECUTIVE SUMMARY:
- The Fed’s July meeting emphasized a data-dependent, meeting-by meeting approach to future decisions.
- While the Statement retained the FOMC’s tightening bias and Chair Powell’s comments underscored the optionality to either hike again or hold in September, market implied rate expectations leaned slightly lower as the press conference was seen to lean dovish (or at least, not as hawkish as feared).
- There were several dovish-leaning elements to Powell’s commentary: he said current policy rates were restrictive, that past tightening and worsening credit conditions were yet to fully impact the economy, and hinted that some on the FOMC wanted to hold rates at this meeting.
- On the more hawkish side, he reiterated the "higher for longer" theme and sent a signal that the FOMC wouldn’t consider rate cuts until late 2024. ·
- No analysts changed their views on future Fed policy following this meeting, with a minority continuing to see one further hike in either Sept or Nov and most seeing cuts starting in late Q1/early Q2 2024.
FOR FULL ANALYSIS INCLUDING 27 SELL SIDE SUMMARIES:
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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