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Why MNI
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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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Free AccessNYFed unexpectedly hiked.....>
US TSYS/OVERNIGHT REPO: NYFed unexpectedly hiked the minimum bid on overnight
repo ops by 5bps to 15bps late Thursday (IOER+5bps). Monthly up to IOER +10bps.
Eurodollar futures strip has shifted accordingly.
- Also beginning June 22, O/N operations to be moved to the afternoon.
- Fed had signaled in April FOMC minutes that it was under consideration so not
completely out of the blue, and in Thu's notice cited "the substantial
improvements in U.S. dollar funding market conditions".
- But this still appeared to take most off guard. BofA wrote earlier this month
they thought the Fed would pull the trigger, but at the FOMC; BMO FICC and
Wrightson ICAP had expected it to wait, citing - respectively - already-squeezed
funding conditions, and July's delayed tax date.
To read the full story
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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.