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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 have cooled since the surprise pick-up in Conference Board consumer confidence belied a further decline in the labor differential, crudely continuing to imply upward pressure on the unemployment rate.
- Cumulative cuts from 5.33% effective: 33bp Sep, 67bp Nov, 103bp Dec, 131bp Jan and 193bp June.
- A little over 3bps of cuts have been cumulatively added over the next three meetings since the consumer survey, pushing levels back closer to the initial lows seen after Powell’s dovish speech on Friday.
- The incremental steps between meetings continue to see somewhat similar odds of a 50bp cut at each meeting (33bp Sep, 34bp Nov and 36bp Dec) rather than expectations of a larger move to start the cutting cycle before dialling back to 25bp clips.
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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