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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
- Fed Funds implied rates have shown no sign of a hawkish reaction to Bowman continuing to expect the need for further rate hikes (albeit not having pushed for one in November) and Logan seeing inflation trending towards 3% and not 2%, along with the need to curb inflation in a timely way.
- Pricing for the next two meetings is unchanged/just -0.5bp on the day, i.e. with very little hiking priced building to a cumulative 3.5bp in January.
- The Dec’24 rate meanwhile is down 7bps on the day to 4.40% (97bp of cuts in 2024), more than fully reversing the increase seen after the Fed’s SLOOS showed perhaps less credit tightening than some expected – see table.
- Chair Powell is scheduled for tomorrow with opening remarks although Thursday’s appearance at an IMF panel including prepared text is likely more of note.
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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