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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.
STIR FUTURES
- Yesterday's 75bp Fed hike was fully expected, but the dot plot was higher than many had expected - leaving the meeting with an overall hawkish tone.
- Eurodollar futures have seen Whites/Reds up to 25 ticks lower on a 2-day change, with markets now pricing 70bp for the November Fed meeting, 119bp by year-end and a peak of 158bp by May 2023 before the curve starts to invert.
- Euribor futures are up to 14.5 ticks lower this morning, meaning a 22.5 tick move since Tuesday's close for the Dec-23 contract. Markets now price just under 300bp of further hikes by the June 2023 meeting.
- Ahead of today's BOE policy decision, markets price 67bp. Markets now fully price 325bp of hikes by August 2023 - equivalent to a Bank Rate of 5.00%. If we don't see a 75bp hike today this will be very difficult to acheive. SONIA futures are down double digits on the day with the Mar-24 future having moved 27 ticks lower since Tuesday's close.
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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