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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
STIR markets within the $-bloc persist in foreseeing a notable easing cycle in 2024. In fact, over the past week, the pricing for the year-end official rate in NZ has eased by approximately 10-15bps. Conversely, year-end OIS pricing in the US, Canada and Australia are little changed. As for overnight developments, post the hotter-than-expected February US CPI:
- Fed Funds implied rates pulled back off session highs but held the bulk of post-CPI gains, in a step away from fully pricing a first cut in June.
- Ahead of next week’s FOMC meeting (March 19-20), US cumulative cuts: 0.5bp Mar, 4bps May, 19.5bps June and 34bps July.
- December 2024 expectations and the cumulative easing across the $-bloc stand at: 4.47%, -86bps (FOMC); 4.24%, -76bps (BOC); 3.87%, -45bps (RBA); and 4.85%, -65bps (RBNZ).
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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