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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
MNI’s Hawk-Dove Spectrum has effectively been moved up a notch across the board toward the “more hawkish” end for all participants since our March FOMC meeting preview.
- Alberto Musalem became St Louis Fed President on April 2 and will be a 2025 voter, but we have not yet heard from him on his monetary policy views: for now, MNI places him alongside the “median” participant on our scale.
- The March meeting minutes revealed little on the rate outlook that wasn’t already known from the Dot Plot and participants’ commentary – but the focus of the minutes was on balance sheet policy. The "vast majority" of FOMC participants judged it would be "prudent" to begin slowing the pace of runoff "fairly soon”, and participants "generally favored reducing the monthly pace of runoff by roughly half from the recent overall pace.”
- Versus March, the description of inflation in April's Beige Book was relatively dovish with price increases described as “modest, on average”, versus “persisted during the reporting period” prior; economic growth was slightly more broad-based across districts; the characterization of employment growth was tweaked from “rose at a slight to modest pace in most districts” to “rose at a slight pace overall”. More details in our full FedSpeak PDF.
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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