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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
- The Fed Funds implied hike for the Sept FOMC has continued the uptrend of the past two days to sit at 70.5bps. It’s potentially spillover from Goldman’s view change late yesterday for a 75bp hike (from 50) and then 50bp in Nov (from 25), but remains within yesterday’s range after the snap reaction higher to Timiraos’s article - see chart.
- No change further out the curve though, with the terminal 3.90% for Mar’23 still down from yesterday’s early highs of 3.96% before 3.51% in Dec’23, with subdued Beige Book growth implications potentially still weighing.
- ECB presser and Powell to overlap with Powell at 0910ET, followed by Evans (’23) and Kashkari (’23) later on, with comments increasingly carrying more weight heading towards 2023.
FOMC-dated Fed Funds implied hike for Sep FOMC (white) then implied rates further out (bottom panel)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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