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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
- Near-term hike expectations are proving reluctant to change ahead of tomorrow’s CPI, with 74.5bp priced for the July meeting and 130bp for Sep in FOMC-dated Fed Funds.
- Later meetings are more in keeping with front end Tsy yields reversing Friday’s post-payrolls gains, with 180bps for the four meetings to Dec (-6bps) and a peak just 4bps higher at the Feb’23 meeting with 184bps for a rate of 3.42%. It’s followed by 54bp of cuts to end-2023.
- Bostic (’24 voter) late yesterday repeated support for a 75bp hike whilst seeing a neutral rate around 3%. He sees signs that supply-chain bottlenecks are easing and the economy slowing is in an orderly way, expecting to avoid recession.
- Barkin (’24 voter) is set for a discussion on the Recession Question at 1230ET with no text but prepared remarks very similar to his Jun 21 speech, followed by Q&A.
Source: 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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