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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.
SONIA
- We noted in the CPI preview that we thought around 140bp of cuts priced for 2024 was around the limit we thought the market could take here.
- Even with today's data we still don't think a cut before May looks likely. The MNI Markets team thinks that the MPC will want to see a softening in Q1 wage growth and we won't get enough clarity on that until after the March meeting.
- If that's the case we would only have six meetings left for the year (so 25*6=150bp).
- So markets may overshoot over the next few days but when we do settle we still wouldn't look for this to be at a level above 140bp.
- Pricing now is at about -140bp for the year, down around 21bp since yesterday's 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.
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