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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 haven’t been immune to the broader FI gyrations on CrowdStrike-linked global outages, but are currently back to only modest changes on the day (between 1bp lower for Sep and 0.5bp higher for Jan).
- Cumulative cuts from 5.33% effective: 1bp Jul, 26bp Sep, 41bp Nov, 63bp Dec and 81bp Jan.
- NY Fed’s Williams (voter) headlines today’s particularly thin docket in a monetary policy panel at 1040ET (Q&A only) but Wednesday’s publication of a WSJ interview conducted Tuesday should limit surprises having already spoken since last week’s soft CPI report.
- He noted broad-based declines in inflation with the past three months closer to the disinflation trend that the Fed wants to see, but he wants to see more data to gain confidence that inflation is on a path to 2%. Current policy is appropriate until he sees more data, with the Fed set to learn “a lot” between July and September meetings.
- Atlanta Fed’s Bostic (’24 voter) is then set to give closing remarks at 1300ET which should see limited monetary policy relevant discussion.
- There is potential for further unscheduled appearances with the FOMC media blackout starting midnight ET although we’d be surprised if it moved the needle after Powell has recently talked on some progress made in the dual mandate.
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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