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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.
STIR
- Declines in nearer-term Fed Funds implied rates after the PPI release have been relatively restrained.
- Particularly weak trade services at -1.3% M/M (reliant on imputed prices, and following June's 1.4% jump) have taken some of the sting out of miss and with the narrowest measure of core PPI stronger than expected.
- Nevertheless, a marginal softening of PCE-relevant components and their net downward revisions helps maintain a dovish reaction ahead of CPI tomorrow.
- Cumulative cuts: 40.5bp Sep (+1bp), 73bp Nov, 105bp Dec (+2bp), 129bp Jan, building out to 188bp June (+4bp).
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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