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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 yields have surged to new highs today, led by the Dec’23 up 15.5bps for a 28bp rise since the close after the hawkish BoC statement on Jun 1.
- Subsequent hawkish commentary from Dep Gov Beaudry on Jun 2 (“more forcefully” can involve both terms of pace and level of rates) continues to help rates rise at a faster pace than the day’s ~10bp rise in Eurodollars over the same portion of the curve.
- The curve now crudely implies terminal policy rate between 3.25-3.5% through 2023, consistent with BoC-dated OIS firming to an implied overnight rate of 3.21% for Dec.
- The increase beyond the BoC’s upper estimate of the 2-3% neutral range tallies well with the earlier MNI interview with ex-BoC researcher Ruge-Murcia on the need for restrictive monetary policy.
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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