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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.
STIR
A firmer than expected headline NFP print and related, unexpected pull lower in the unemployment rate helps remove some of the easing priced into the FOMC-dated OIS strip, with firmer than expected AHE data also helping, although the move has faded from extremes, likely owing to a meaningful negative revision to prior headline NFP prints. ~8bp of cuts are now priced through the July FOMC, with ~77bp of cumulative cuts seen through year-end.
| FOMC Meeting | FOMC-Dated OIS Post-NFP (%) | FOMC-Dated OIS Pre-NFP (%) | Change From Pre-NFP Levels (bp) |
| Jun-23 | 5.083 | 5.075 | +0.8 |
| Jul-23 | 4.988 | 4.967 | +2.1 |
| Sep-23 | 4.810 | 4.765 | +4.5 |
| Nov-23 | 4.549 | 4.487 | +6.2 |
| Dec-23 | 4.294 | 4.246 | +4.8 |
| Jan-24 | 4.048 | 3.989 | +5.9 |
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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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