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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
Well-off this morning's knee-jerk, gap bid on higher weekly claims and up-revisions, SOFR futures have extended session lows since midday: lead quarterly SFRM3 -0.025 at 95.20 to -0.070 through SFRH4 at the moment.
- Implied rate hikes in the near term have gained slightly while rate cuts through year end have subsequently pared back from this morning's "highs".
- Fed funds implied hike for May'23 is currently at 12.6bp vs. 11.1bp, Jun'23 +8.1bp vs. 5.6bp cumulative at 4.893%.
- Projected rate cuts later in the year continue to recede from Wednesday's post-ADP levels: Sep'23 cumulative -33.3bp vs -36.6bp earlier to 4.490%, to -69.9bp vs. -75.5bp for Dec'23 (-84.9bp Wed) at 4.119.
Bbg/MNI
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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