Free Trial
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 hold Friday’s late decline as subdued core PCE implications from the CPI and PPI reports were digested (analysts have narrowed in on ~0.165% M/M for June after a particularly soft 0.08% in May).
- Cumulative cuts from 5.33% effective: 1bp Jul, 25bp Sep, 41bp Nov, 64bp Dec and 82bp Jan.
- Powell headlines today’s docket in a Q&A-only interview by David Rubenstein at 1230ET. His last appearance before the FOMC media blackout provides an opportunity to comment on the potential policy impact from another soft CPI report.
- Without giving much away, Powell is likely to offer cautious optimism, with the key to cutting rates now being further evidence that inflation is not just headed to 2% but as per the existing guidance, “sustainably”. For now, it looks very likely that July’s meeting will be used to open the door to a September cut should the July and August inflation data paint a similar picture.
- SF Fed’s Daly (’24 voter) follows late on at 1635ET in a Q&A on technology’s impact on mon pol.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok