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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 for near-term meetings have reversed a dip for back unchanged from levels seen shortly before the PCE report whilst picking up slightly further out into late 2024. It nevertheless leaves the rate path a little lower on the day having already cooled ahead of the release in spillover from softer Eurozone inflationary pressures.
- Cumulative hikes from 5.33% effective: +4.5bp for Nov, +9.5bp for Dec and +9.5bp for Jan for a terminal at 5.42% (-0.5bp on the day).
- Cuts from terminal: 23bp to Jun’24 and 80bp to Dec’24 with the first cut from current levels seen in July having switched back from September yesterday.
- Text-only remarks from NY Fed’s Williams (voter) ahead at 1245ET. It will be his first since last week’s FOMC, having said on Sep 7 that labor supply and demand is becoming more balanced and that underlying inflation measures have come down quite a bit whilst he is still focused on core services inflation progress.
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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