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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
- Fed Funds implied rates have modestly extended yesterday’s Powell-driven decline, with the Dec’24 rate 1.5bps lower on the day for 7bps lower since the decision.
- Powell reinforced a clearer "higher for longer" message but the "well positioned" assessment doesn't make it sound like a hike is yet on the FOMC's mind (and Powell noted that "I think it's unlikely that the next policy rate move will be a hike"), disappointing some of the more hawkish positions.
- Cumulative cuts from 5.33% effective: 2.5bp Jun, 7.5bp Jul, 17bp Sep, 24bp Nov, 35bp Dec.
- The FOMC remains in media blackout, ending tonight. First up on the schedule is Williams (voter) and Goolsbee (’25) in a panel on Friday late on at 1945ET.
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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