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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
While providing confirmation that the RBA Board was set to evaluate the case for a pause at the April meeting, yesterday’s March Minutes failed to extend the recent softening.
- Moreover, the Board’s acknowledgement that “core inflation remained too high” and “further tightening of monetary policy would likely be required” appears to have encouraged, aided by global STIR developments overnight, a further reassessment of the 45bp of easing by year-end that had been priced earlier in the week.
- At the time of writing, RBA dated OIS was 7-11bp firmer across meetings beyond April with 29bp of easing priced by year-end. April meeting pricing is flat.
Figure 1: RBA Dated OIS: Today Vs. Pre-RBA Minutes
Source: MNI – Market News / Bloomberg
Figure 2: RBA Dated OIS: Today Vs. Pre-RBA Minutes
Source: MNI – Market News / Bloomberg
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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