CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

SOFR Futures Update

STIR FUTURES

Off the top end of the range, SOFR futures are still trading broadly higher in the aftermath of Wednesday's 25bp hike. Additional support from ongoing regional bank concerns (PacWest under pressure this morning):

  • Front month Jun'24 SOFR futures currently +0.070 at 95.005 well after 3M SOFR settled +0.01323 to 5.07270. The balance of White-Red SOFR futures (SFRU3-SFRH5) are currently trading +0.065-0.165, outpacing the balance of the strip trading +0.110-0.065.
  • Fed funds implied move for the next FOMC on June 14 is currently at -3.1bp, while projected rate cuts for late 2023 are gaining: November cumulative currently --55.6bp at 4.500, Dec'23 cumulative -80.4bp at 4.252, while Jan'24 cumulative is just over a full point at -104bp at 4.008.
  • Fed Terminal currently at 5.05% in Jun'23 this morning.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

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.