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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
North American STIR markets were softer in trading ahead of the weekend after the combination of a debt ceiling impasse, Fed Chair Powell’s failure to use a panel discussion to tow a more hawkish line and Tsy Secretary Yellen's comments on potential further bank mergers.
- FOMC dated OIS pricing for the June meeting softened to 5.11% from 5.16% on Thursday.
- BoC dated OIS shifted to a cumulative 11bp of tightening priced by September from 24bp on Thursday.
- RBA dated OIS is flat to 3bp softer across meetings in early trade with an 18% chance of a 25bp hike priced for the June meeting.
- RBNZ dated OIS is 1-5bp softer across meetings currently after shunting firmer following a more stimulatory than expected budget last week. Pricing is 7-25bp firmer post-budget with early ’24 leading. 35bp of tightening is priced for this week’s RBNZ meeting. Terminal rate expectations are at 5.87% after lifting to a new cycle high of 5.92% on Friday.
Figure 1: $-Bloc STIR: Terminal Rate Expectations & Year-End Pricing
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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