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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
Pricing for the cumulative hikes remaining in the BoE's tightening cycle has risen by 65bp this week, with the equivalent of two 25bp hikes added to the path the last two sessions alone. While ECB and Fed pricing have also risen this week (7bp and 18bp respectively), they haven't come close to matching the UK sell-off. Today's changes:
- BoE terminal Bank Rate pricing +18bp to 5.62% (113bp of further hikes left in the cycle). 35bp priced for the next meeting in June (around 40% prob of a 50bp hike). Few major UK-focused catalysts today, but repricing continued following Wednesday's surprisingly high CPI figures and terminal rates hit the highest since exceeding 6% last September. We get UK retail sales first thing Friday morning.
- ECB terminal depo Rate pricing +3.7bp to 3.85% (60bp of further hikes left in the cycle). 24bp priced for the next meeting in June (around 96% prob of a 25bp hike). For the moment, ECB rates are being dragged higher mostly by UK and US developments.
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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