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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 futures imply 49.5bps of hikes for May 4 (unchanged since Thu) and are just off new highs at 97bps for Jun 15.
- Pricing to year-end also firms to 215bps but struggles to regain the >220bps seen prior to last week’s core CPI miss.
- The move has come in European hours, possibly a delayed reaction to Bullard (’22 voter) late yesterday entertaining the idea of 75bp hikes even though that’s not yet his base case on the way to getting to circa 3.5% this year.
- Chicago Fed’s Evans (’23 voter) at 1205ET. A median dot at the March meeting, he was more hawkish on Apr 11 and considered a 50bp hike in May as “perhaps highly likely” on the way to getting to a neutral 2.25-2.5% by year-end.
Cumulative hikes implied by FOMC-dated Fed Funds futuresSource: 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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