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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 have shown varied performances over the past two weeks. The US and Canada have outperformed, softening by 12-13bps in year-end expectations, while Australia and NZ remain virtually unchanged.
- This week's key event was the BoC Policy Decision on Wednesday, which delivered the first rate cut in the $-bloc for this cycle.
- (MNI) BoC Governor Tiff Macklem lowered the key lending rate for the first time in four years on Wednesday, moving ahead of G7 peers and saying measured further cuts are likely needed amid growing confidence that restrictive policy is returning inflation to target. (See link)
- The next policy meetings for the remainder of the $-bloc are FOMC (June 12), RBA (June 18), and RBNZ (July 10). Market pricing assigns a low probability of any moves at these meetings.
Figure 1: $-Bloc STIR: Terminal Rate Expectations & ’24 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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