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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
- The Fed-friendly payrolls report has seen a sizeable shift lower in the Fed Funds implied rate path.
- Implied hikes have slipped to just +1.5bp for Dec (-3bp on the data) and a cumulative +3.5bp for January (-4.5bp) to a terminal 5.36%.
- It’s followed by a cumulative 36bp of cuts to Jun’24, with the first cut landing with June from July prior, and 101bp of cuts to Dec’24 (from 87bp pre-data).
- ISM Services is yet to land after its manufacturing counterpart came in sharply lower than expected earlier in the week.
- Barkin (’24 voter) will speak at the same time on CNBC, offering the first post-FOMC comments and potentially the first reaction to payrolls. Kashkari (’23) follows but is talking on leadership, with likely next mon pol focused Fedspeak from Bostic on Bloomberg TV at 1530ET.
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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