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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 underperform US rates today as they hold near session and in turn extend cycle lows ahead of tomorrow’s BoC decision.
- The move comes despite a bid seen after building permit values slumped by the most in a single month since 2007, caveated by it being driven by the noisy non-residential after a record gain the previous month.
- Changes in select contracts: Jun’23 -0.005, Dec’23 -0.05, Jun’24 -0.06, which sees Dec’23 implied yields of 5.395% at new cycle highs and the BAM3/Z3 spread pushing to +20.5bps.
- It’s a significant change of circumstance from the -40bps after the April BoC decision that could make it hard for the BoC to meet hawkish market expectations, although OIS sees tomorrow’s decision remains highly uncertain with circa 50/50 between holding and hiking 25bps to 4.75%.
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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