MNI: PBOC Net Drains CNY216 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1865 Mon; -1.50% Y/Y

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 29

MNI BRIEF: PBOC Added Outright Repo For Ample Lqdty In Nov

MNI China Daily Summary: Friday, November 29

MNI BRIEF: China Extends U.S. Import Tariff Exemption List

MNI: AUSTRALIA Q3 BIZ INDICATORS INVENTORIES -0.9%

MNI: AUSTRALIA OCT BUILDING APPROVALS +4.2% M/M, +6.1% Y/Y

MNI: AUSTRALIA NOV DWELLING APPROVALS +4.2% M/M

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

STIR: Odds Of Follow Up 50bp Fed Cut Recede Further Following NFPs

STIR
BulletMarketsFixed Income Bullets

Meaningful hawkish adjustments in Fed Funds futures following the very strong labour market report, headlined by a 100K+ beat for NFPs and a ‘low’ 4.10% unemployment rate (4.05% unrounded).

  • Fed funds futures now show ~28bp of cuts for November, ~58bp of cuts through year-end, 103bp of cuts through March and 133bp of cuts through June ’25.
  • That compares to 34bp, 67bp, 119bp and 150bp heading into the data.
  • SFRZ4 trades at the lowest level seen since last month’s NFP report, while SFRM5 hits levels not seen since August 20.
  • This reading is strong enough to have forced some real money accounts out of any long/received positions, particularly as it adds to recent hawkish adjustments.
110 words

To read the full story

Close

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.

Meaningful hawkish adjustments in Fed Funds futures following the very strong labour market report, headlined by a 100K+ beat for NFPs and a ‘low’ 4.10% unemployment rate (4.05% unrounded).

  • Fed funds futures now show ~28bp of cuts for November, ~58bp of cuts through year-end, 103bp of cuts through March and 133bp of cuts through June ’25.
  • That compares to 34bp, 67bp, 119bp and 150bp heading into the data.
  • SFRZ4 trades at the lowest level seen since last month’s NFP report, while SFRM5 hits levels not seen since August 20.
  • This reading is strong enough to have forced some real money accounts out of any long/received positions, particularly as it adds to recent hawkish adjustments.