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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
Also dovish is the SEP, where we had no upward movement from the 5.1% median for 2023 which was the most closely watched part of the release.
- 2024's Dot median goes to 4.3% from 4.1% (4.5% = split decision between 4.125 and 4.375%), so fewer cuts next year seen from a lower terminal rate than had been seen pencilled into this dot plot by consensus (which saw 5.4% for 2023).
- Taking a look through the macro projections, looks like a big drop for 2024 GDP growth (1.2% vs 1.6% prior), implying potential impact from banking sector conditions tightening? But unemployment seen steady in 2024, so perhaps the "soft landing" is still on"...
- Core PCE inflation nudged up a little in 2023 and 2024 (0.1pp each year) vs the last set of projections, but not a game changer.
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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