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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.
STIR
- Fed Funds implied rates have continued to slowly push lower in the hours since the PPI report.
- That’s not so much for the September meeting, where there weren’t enough dovish areas to materially push back closer to 50bps again ahead of tomorrow’s CPI release, but increasingly so further out.
- Cumulative cuts from 5.33% effective: 40.5bp Sep (+1.5bp post-data), 75bp Nov, 108bp Dec (+5.5bp), 133bp Jan and further out 192bp June.
- Nearest meetings in particular still hold a sizeable part of the increase seen after last week’s larger than expected decline for jobless claims – see table.
- CPI preview here: https://roar-assets-auto.rbl.ms/files/65736/USCPIPrevAug2024.pdf
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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