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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 FUTURES
- Fed Funds implied hikes hovering at 72bp for Sep, maintaining the earlier rise after what is interpreted as endorsement for a 75bp hike from Waller, joining Bullard explicitly earlier as part of his push back against market under-pricing higher for longer.
- New highs for Dec’22 (3.87%, +6bp on day) and the Mar’23 terminal (4.00%, +6bp) whilst the 3.59% for Dec’23 is just under prior highs.
- Waller stressed data dependence but struck a hawkish tone including the months and months of lower inflation he wants to see although George was more cautious, wanting steadiness and purposefulness over speed “given the likely lags in pass through of tighter monetary conditions”.
FOMC-dated Fed Funds implied Sep hike (white) and implied rates at specific meetings (bottom panel)Source: Bloomberg
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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