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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
- BoC Dep Gov Beaudry’s Economic Progress Report built on yesterday’s already hawkish policy statement, focusing on the increased likelihood of taking rates to the 3% or above and then in the media Q&A opening the possibility of larger than 50bp hikes if necessary.
- These comments likely further increase the risk of 75bp hikes that analysts had started to flag after yesterday’s statement but at the time didn’t see as baseline, with the May CPI report on Jun 22 now particularly important.
- The BAX rate path has steepened further today, led by the Dec’22 yield rising a further 9bps for a huge 25bp rise since the day before the policy statement.
- Terminal rates are close to as high as they’ve been this cycle, with the path crudely implying an overnight policy peaking close to 3.25% in 1H23 before minor inversion takes it to a little above 3%.
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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