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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 AccessSOFR Futures Update: Projected Rate Moves Static Ahead Jobs Data
- SOFR futures are trading mildly weaker ahead this morning's key employment data (+195k mean estimate jobs gain vs. +253k prior) with the Fed entering media blackout concerning monetary policy tonight at midnight.
- Front month Jun'24 SOFR futures are currently trading -0.0175 at 94.74 even after 3M SOFR settled -0.04604 to 5.23034 (-.03340/wk). The balance of Whites (SFRU3-SFRH4) are trading steady to -0.010, Reds through Golds (SFRM4-SFRMH8) are trading -0.010-0.020.
- Modest dip in projected policy moves following Thursday's mixed Fed speak: non-voter StL Fed pres Bullard commented on need for further hikes, while Philly Fed Harker reprised his dovish comments from Wed.
- Fed funds implied 25bp hike on the June 14 FOMC at 7.5bp, July cumulative +17.6 to implied rate of 5.258%. September and November cumulative at +11.4 and -3.9 respectively while Dec'23 cumulative just below a quarter point cut at -21.8bp at 4.863%. Fed Terminal holding at 5.26% 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.