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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.
UK
Some of the pressure on the UK short end / Sonia strip has abated since the post-CPI selloff this morning, with BoE Gov Bailey's appearance a non-event: 2Y yields are now up "just" 22bp, though had been up 28bp at one point. Still, a close at this level (4.36%) would mark the biggest one-day jump in 2Y yields since Sept 26, 2022 (see chart).
- The curve remains very much bear flatter with 10Y yields up just 5bp.
- BoE terminal Bank Rate pricing had been up as much as 40bp; now +33.7bp to 5.44% (94bp of further hikes left in the cycle, with peak hit either Nov or Dec), with 50bp hike potential remaining priced for June's meeting (30-31bp today, up 8-9bp).
2Y Yield 1 Day Change In bpsSource: BBG, MNI
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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