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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
Boosted in part by above-expected overseas data (German IFO, Australian CPI) implied Fed peak pricing has ticked higher in overnight trade Wednesday, with the 10-11bp cumulative tightening implied through the Jan 2024 FOMC up from 9-10bp at Tuesday's close.
- That still sits 1bp below Tuesday's post-PMIs peak pricing, but up 3-4bp on the week.
- Implied rate cuts have been fairly steady with around 78bp in reductions seen between peak and the Dec 2024 FOMC, vs 77bp seen at Tuesday's close - the slight movement largely due to the aforementioned peak repricing.
- Immediate attention is on MBA mortgage apps, with Sept new home sales data out later. Fed Chair Powell's appearance after the market close is expected to steer away from market-moving comments as it's in the pre-FOMC meeting blackout period.
Source: BBG, MNI
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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