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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI BRIEF: China November PMI Rises Further Above 50
MNI US Macro Weekly: Politics To The Fore
SOFR Futures Update
- SOFR futures continue to inch lower as chances for a mid-year 25bp rate hike gathers momentum after Bank of Canada's surprise hike yesterday.
- Front month Jun'24 SOFR futures are trading -0.015 at 94.730 after 3M SOFR settled +0.01251 higher earlier to 5.25059 (+.02025/wk). The balance of Whites (SFRU3-SFRH4) are trading -0.015-0.030, Reds-Golds (SFRM4-SFRH8) -0.030-0.040.
- Still low, chances of a 25bp hike next week are gaining (appr 38% vs. 25% yesterday) with Fed funds implied at 9bp. Higher confidence in a midyear hike with July cumulative +22.2bp to 5.293%, September cumulative at +20 to 5.270.
- Year end rate cut chances near zero with Dec'23 cumulative -3.6bp at 5.040, while Jan'24 cumulative at climbs to -18.6bp (-29.4bp early Tue) to 4.890%. Fed terminal at 5.290% in Aug'23 this morning.
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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.