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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 hold yesterday’s two-stage step lower (first with the Asian open and then late in the US session).
- It’s on little new information but rather continued speculation that the FOMC could cut by 50bps tomorrow (Fed Funds have 41.8bp priced, OIS 38.1bp).
- Cumulative cuts from 5.33% effective: 42bp Sep, 78bp Nov, 119bp Dec, 157bp Jan and 233bp June.
- Retail sales could well have an outsized impact at cementing pricing for a 50bp cut if there are signs of weakness, whilst it feels like a beat would have to be particularly large to shift pricing closer to a 25bp cut at this juncture.
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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