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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
- BAX futures see a milder version of the flattening in SOFR futures today, with the for now front Jun’23 at -0.02, the Sep’23 at +0.01 and only extending to a 3 tick rally beyond.
- The entire curve continues to sit off post-BoC lows but its impact still weighs, with an implied yield seen peaking in the Dec’23 contract at 5.53% for a still +23.5bp BAM3/Z3 spread not far off the highs seen since the Z3 started trading in Dec’20, before cuts start to be priced into 2024.
- OIS shows a similar near-term story, currently roughly pricing another 25bp hike to 5% with the September meeting for a cumulative ~1.5hikes by year-end.
- One latest view weighing in here is ex BoC Governor Dodge yesterday, who co-authored forecasts showing the BoC’s current 4.75% being at or near the peak for this cycle (see here).
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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