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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.
CANADA
- The BAX implied rate path is led 4bps higher by late 2023/early 2024 contracts today but broadly speaking sits little changed following late last week’s unwinding of stretched hike expectations.
- Implied yields are notably below pre-Canadian CPI levels despite its strength (Dec’22 almost 30bps lower) but a stretched starting point means that it’s still 3.80% with an extremely steep curve.
- The terminal BAX yield is seen at a similar level in Mar’23 and with only limited inversion thereafter (~10bps for Dec’22-Dec’23), going against some analyst calls for larger cuts (e.g. UBS looking for 3x25bp cuts from Jul’23 to 2.25%.
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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