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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.
FED
None of the 30 sell-side previews we read anticipated Fed policy action at the July FOMC, but opinions vary slightly on the degree to which meeting communications will be hawkish.
- Most see hawkish risks emanating from the July meeting, particularly from the statement.
- Some examples: Citi (hawkish risk that statement reflects expectation of a near-term taper), Barclays (statement "incrementally more hawkish"), Credit Agricole (risk is of 'hawkish surprise' similar to June's FOMC) JPM (if "material and persistent" language on inflation appears, it would be "new, asymmetric risk bias"), Morgan Stanley (""skewed toward an upbeat and hawkish message").
- Analysts' focus is firmly on the tapering timeline, with most not mentioning their rate liftoff outlook. Consensus is firmly for a December announcement with initiation in January, though opinions vary slightly on the pace / composition of the taper (some see MBS being tapered more quickly than Tsys but consensus is for $10B Tsy / $5B MBS taper pace).
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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