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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
- With risk sentiment souring on Russia-Ukraine headlines, including Ukrainian claims of a tank firing, markets completely looked through Bullard's comments (good target to have funds rate up by about 100bps by July 1, markets have done a lot of pricing in already).
- Fed Funds futures for the Jun 15 meeting have fallen to 87bps of hikes from 90bp just beforehand, 95bp yesterday and a brief high of 109bp last week following CPI and Bullard comments. Similarly, Mar 16 is down to 34bp from 41bp yesterday.
- Whilst likely a combination of markets questioning the desire of the wider FOMC to hike as aggressively and geopolitical risk aversion, we might get a better idea of the former when Bullard speaks again at 1100ET and is then followed by another hawk in Mester at 1700ET, all assuming some thawing in headlines before then (perhaps optimistically for Bullard in only 30mins).
Fed Fund futures pricing for June 15 meetingSource: 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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