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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 for near-term meetings are relatively little changed from Friday’s close as US desks filter in after Labor Day, up to only 1.5bp higher for meetings in mid-2025.
- Cumulative cuts from 5.33% effective: 32.5bp Sep, 65bp Nov, 99bp Dec, 127bp Jan and 187bp June.
- There’s no Fedspeak scheduled today, and aside from tomorrow’s Beige Book we are currently only set to see Williams and Waller with post-payrolls reactions on Friday.
- Today’s macro focus is on ISM manufacturing where we expect more attention than usual on employment after a particularly sharp 5.9pt decline to just 43.4 in July (but manufacturing only accounts for a small share at about 10% of payrolls).
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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