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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 little changed overnight as they continue to price a little under 100bp of cuts over the remaining three meetings for 2024, as have been the case since last week's retail sales and jobless claims.
- There was no spillover from the Riksbank delivering an expected 25bp cut or BoJ research papers highlighting the persistence of inflationary pressure, although CAD CPI could have an impact later amidst a particularly thin docket.
- Cumulative cuts from 5.33% effective: 31.5bp Sep, 61bp Nov, 94bp Dec and 118bp Jan.
- Today's scheduled Fedspeak looks unlikely to be contain much new on monetary policy.
- Bostic (’24) is in a fireside chat on innovation for payment inclusion at 1335ET (no text) and VC Supervision Barr (voter) speaks on cybersecurity at 1445ET. In the event Bostic does speak on mon pol, he has already indicated a dovish shift, noting openness to a cut in September as the Fed can’t afford to be late in easing policy.
- We can’t rule out further unscheduled Fedspeak, which has generally been of note recently including Kashkari/Daly yesterday/Sunday urging a prudent approach to rate cuts.
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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