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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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Free AccessSome good observations by Wrightson ICAP on....>
STIR: Some good observations by Wrightson ICAP on the April FOMC minutes'
discussion of the non-adjustment of IOER at the meeting (markets saw a broadly
even chance of a +5bps tweak).
- While the FOMC reasoned that the Federal Home Loan Banks (which do the lion's
share of lending in the Fed funds market) can earn a zero rate on balances
maintained in their account at the Fed, thus creating a floor of sorts if Fed
funds were to dip that low, Wrightson ICAP note that if this were to become the
case consistently then "volume in the fed funds market would collapse and the
Fed's policy rate - and the reference rate underlying the whole OIS/fed funds
futures complex - would become highly volatile."
- They also note that with this decision and the underlying reasoning, the Fed
has raised the bar for future IOER adjustments as it is willing to accept a low
effective Funds rate. As such, Wrightson believes the effective rate would have
to fall to 0.02% before the Fed made an adjustment, and even then a tweak may
just be a few basis points.
To read the full story
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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.