MNI: PBOC Net Injects CNY25.7 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1897 Thurs; -2.25% Y/Y

MNI: PBOC Net Drains CNY195.3 Bln via OMO Wednesday

MNI CBRT WATCH: 1W-Repo Rate Lowered 250Bps to 47.5%

MNI BRIEF: CBRT Lowers 1W Repo Rate From 50% To 47.5%

MNI: PBOC Sets Yuan Parity Lower At 7.1868 Weds; -2.18% Y/Y

MNI: US REDBOOK: DEC STORE SALES +5.0% V YR AGO MO

MNI: US DEC PHILADELPHIA FED NONMFG INDEX -6

EZ/UK Bond Supply Calendar: BOE APF Sales Due 6 January

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

STIR: Bulk Of US Steepening Held Ahead Of FOMC Decision

STIR
BulletMarketsFixed Income BulletsForeign Exchange Bullets
  • Fed Funds implied rates sit up to 1.5bps lower overnight out to mid-2025 but mostly hold the post-election steepening with today’s FOMC decision eyed.
  • Cumulative cuts from 4.83% effective: 25bp Nov, 43bp Dec, 53bp Jan and 90bp June (vs 99bp pre-election).
  • That profile sees most of the easing cycle enacted by June, with SOFR implied yields bottoming out at ~3.80% in H6-U6 contracts for a little over 100bps of cuts from today.
  • Labor data are watched in the interim today, with weekly jobless claims and productivity/ULCs for Q3, the latter after strong productivity growth in Q2 and a recent dovish surprise from the ECI.
  • MNI Fed Preview: https://media.marketnews.com/Fed_Prev_Nov2024_With_Analysts_d4a81c3019.pdf

 

108 words

To read the full story

Close

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.
  • Fed Funds implied rates sit up to 1.5bps lower overnight out to mid-2025 but mostly hold the post-election steepening with today’s FOMC decision eyed.
  • Cumulative cuts from 4.83% effective: 25bp Nov, 43bp Dec, 53bp Jan and 90bp June (vs 99bp pre-election).
  • That profile sees most of the easing cycle enacted by June, with SOFR implied yields bottoming out at ~3.80% in H6-U6 contracts for a little over 100bps of cuts from today.
  • Labor data are watched in the interim today, with weekly jobless claims and productivity/ULCs for Q3, the latter after strong productivity growth in Q2 and a recent dovish surprise from the ECI.
  • MNI Fed Preview: https://media.marketnews.com/Fed_Prev_Nov2024_With_Analysts_d4a81c3019.pdf