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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
- FOMC-dated OIS rates are holding their push higher on the BoC’s decision to hike 25bp for the first time since January.
- The move is however being seen as supporting the pre-existing June skip narrative for the Fed rather than adding to June hike pressures, with pricing only increasing 2bps to +8bps before a cumulative +21bp for July (also +2bps post-BoC).
- Instead, the main reaction is a trimming rate cut expectations. The 5.06% for Dec’23 comes from only 23bp cuts from the July terminal, or just -2bps from the current 5.08% effective. This Dec’23 rate has increased +5bps since the BoC decision or a hefty +17bps from levels just before Friday’s payrolls – see table.
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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