CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

What to watch

MARKET INSIGHT
  • Overnight, we have moved off the lows seen in core fixed income towards the end of yesterday's session, we markets are still pricing in considerably more hikes (and hence higher yields) than Friday's close.
  • We have already received some data this morning with UK labour market data seeing wages higher than expected excluding bonuses, but bonus payments disappointed, while the rest of the survey showed a continued tight labour market. There was little reaction in the pound. Elsewhere, Swedish inflation data was higher than expected, primarily driven higher by goods prices. EURSEK spiked lower, but has since recovered.
  • Today's calendar also sees the German ZEW survey and US PPI due for release.
  • However, markets are already looking ahead to tomorrow's FOMC meeting. June’s FOMC meeting is likely to deliver the previously-promised 50bp hike, but the market reaction to May’s inflation report significantly raised the bar to a hawkish meeting outcome. Indeed, we have seen a few sellside names now start to look for 75bp hikes this week (Barclays, BNY Mellon, JPM, GS, Nomura). The Dot Plot will signal a more hawkish rate path than had been expected a few weeks ago, but it would be surprising if it came close to confirming market rate hike pricing. Backed by the Dot Plot, Chair Powell is likely to signal that 50bp hikes are the base case in July and September, but is unlikely to pre-commit beyond that. For the full MNI Fed Preview click here.
HomepageBulletMarketsFixed Income BulletsForeign Exchange Bullets

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.