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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.
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Free AccessThe Bullard Effect, Put Buyers Return
- While year-end 3M futures relatively stable since Bullard spoke, 2023 levels under considerable pressure as Fed terminal rate has climbed to 5.0% from 4.93% in Jun'23 earlier vs. 5.08% pre-CPI. Fed funds implied hike for Dec'22 back to 50.9bp, Feb'23 cumulative +2.4bp to 87.3bps (84.9bp earlier) to 4.722%.
- Derivatives update: downside insurance buyers via puts, absent since the Oct CPI miss renewed hopes for rate hike step-down in December into early 2023 (and eventually revitalizing talk of rate cuts later next year), are seeing a comeback on today's sell-off in Eurodollar and SOFR futures: Reds (Dec'23-Sep'24) -0.120-0.140.
- Treasury options seeing return of put buyers as well (+3,800 TYH 109.5/110 put strip, 135-138).
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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.