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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 implied hikes firmed at open after what should have been unsurprising comments from Gov. Waller Sunday, noting the CPI miss was just one data point and “the market seems to have gotten way out in front of this”, looking at potentially hiking 50bps next meeting or after.
- Sitting with 51bp for Dec (+1bp), cumulative 86bp to 4.71% Feb'23 (+2bp), terminal 4.92% in May/Jun’23 (+4/5bp) and 4.47% Dec’23 (+7.5bp), with terminal and end-23 rates clawing back about a third of the CPI hit.
- VC Brainard in focus at 1130ET (no text). Last spoke Oct 10 with two CPI reports and the Nov FOMC since (it’ll take time for tighter policy to affect economy, 1970s taught risks of easing prematurely but at some points risks could become more two-sided). NY Fed’s Williams late at 1830ET.
FOMC-dated Fed Funds implied ratesSource: 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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