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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.
FED
Today we get an appearance by Cleveland Fed Pres Mester at 1000ET, for the first time since June 22 (just after the June FOMC). She's historically been considered a hawk but this year has been closer to the center of the Fed Hawk-Dove spectrum in terms of taper / rate liftoff timing, as she's suggested that some more patience on jobs growth is warranted. She's a 2022 voter.
- We may not learn much from her today (she's making 5 minutes of opening remarks at a Cleveland Fed-hosted conference on "inflation risk") - and indeed there's prob not much more to learn about her view on inflation. In June she noted that "we've met the conditions in terms of the inflation part of the mandate; I'd like to see further progress on the employment part of our mandate."
- On the latter, she said "we are going to get more clarity as we get through the summer and get to September". That would seem to suggest she's potentially open to a September taper announcement if payrolls figures continue to come in strong,.
- Wednesday's more lengthy appearance by another traditional hawk - KC's George - will be worth paying attention to as we gauge appetite for a September announcement, following on from Rosengren and Bostic's hawkish-leaning commentary yesterday.
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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