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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
U.S. STIR firmed 8-10bp for meetings beyond July following calmer market conditions in NY trade.
- At the close, U.S. STIR had reduced expected year-end easing to 65bp versus 95bp at Friday’s close. The market has priced a 44% chance of a 25bp hike at the May FOMC meeting.
- In line with U.S. developments, CA STIR saw year-end easing expectations scaled back 8bp to 61bp.
- RBA dated OIS pricing is 1-6bp firmer across meetings with year-end easing expectations reduced to 20bp from 25bp yesterday.
- RBNZ dated OIS pricing is 2-9bp firmer across meetings beyond April with Feb-24 leading. After reaching an expected terminal rate of 5.23% in July, the market has 28bp of easing priced by year-end.
Figure 1: $-Bloc STIR
Source: MNI – Market News / Bloomberg
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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