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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 have cooled further since Friday’s close to extend the dovish reaction seen on Powell’s "we will do everything we can to support a strong labor market as we make further progress toward price stability”, although are off lows following a snap higher in WTI on supply disruption.
- Cumulative cuts from 5.33% effective: 34bp Sep, 70bp Nov, 105bp Dec, 135bp Jan and 197bp June.
- The 105bp over the three meetings to year end is close to last week’s most dovish levels fleetingly seen after the FOMC minutes indicated rising concern of falling behind the cut curve.
- Durable goods headline today’s docket. Coming so soon after Powell and having already spoken since payrolls and CPI, we don’t expect much impact from Daly.
- SF Fed’s Daly (’24 voter) speaks on Bloomberg TV at 1400ET. She told the FT in an interview conducted on Aug 15 that recent US economic data have given the Fed “more confidence” that inflation is under control and it’s time to consider adjusting policy rates, but the economy is “not in an urgent place” and urged a “prudent” approach to policy.
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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