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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.
Federal Reserve
EXECUTIVE SUMMARY
- Core CPI inflation surprisingly cooled to 0.23% M/M in October from 0.32% M/M.
- It was helped by an unexpectedly large decline in hotel prices, a typically volatile item, but the supercore slowing sharply on the month and other upside risks not materializing drove a significant rally in FI and the USD index down 1.5% for its largest daily decline since Nov 2022.
- Chair Powell’s IMF remarks had helped open the door to further tightening, at least at the margin, but this report has firmly shut that door whilst there are now just shy of 100bps of cuts to end-2024 (to a late almost 75bps lower than that implied by the FOMC’s hawkish dot plot in September).
- Particularly elevated sensitivity to data likely sees further swings ahead of the December FOMC almost a month away on Dec 13, including another payrolls and CPI round.
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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.
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