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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.
STIR
- Fed Funds implied rates are unchanged for March as they hold recent gains, but otherwise sit 0.5-1.5bp lower today.
- Cumulative cuts: 0bp Mar, 5bp May, 19bp Jun and 80bp Dec. The latter pulls back after overnight touching a new low of 77bp of cuts for 2024 as it hovers just shy of the three cuts in the median Dec SEP dot.
- Hotter than expected Japan CPI hasn’t had a material impact, nor has KC Fed’s Schmid (’25 voter) towing the FOMC line in his first appearance since being appointed in August. He called for patience before easing monetary policy amidst brisk service inflation.
- He also outlined his preference for a smaller Fed balance sheet via continued QT whilst tolerating some interest-rate volatility. Greater QT focus is likely on Waller and Logan’s discussion on Mar 1.
- VC Supervision Barr (perm. voter) speaks on counterparty credit risk at 0905ET, with more attention on durable goods and the Conference Board’s consumer survey.
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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