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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 pushed to joint highs for near-term meetings, with the 5.28% for July the touching the peak seen just before the May 1 FOMC decision.
- Implied rates for meetings later this year also push higher on the day but remain within ranges, e.g. the Dec’24 at 4.92% (+2bps) vs the 5.05% seen pre-FOMC.
- Cumulative cuts from 5.33% effective: 0.5bp Jun, 5bp Jul, 18bp Sep, 25bp Nov and 41bp Dec
- Overnight Fedspeak from Goolsbee (’24 voter) – must take a longer look at inflation data, be patient – after a trio of Bostic (’24), Mester (’24 retiring June) and Collins (’25).
- Bostic: Will take a longer time for rates to drive decisions.
- Mester: Think inflation will come down but take longer, too soon to tell where inflation is going. Not take a big risk holding rates steady now with a healthy jobs market.
- Collins: Will take longer to see progress needed to adjust rates, in a period where patience really matters. Underlying neutral rate may be higher in medium term.
- A lighter day for Fed appearances ahead with focus instead on the FOMC minutes. Preview here.
- 0940ET - Goolsbee (’24 voter) gives opening remarks (no text or Q&A)
- 1400ET - FOMC minutes from Apr 30/May 1 meeting
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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