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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
ECB and BoE rate pricing was little changed Tuesday, though as with broader FI, UK rates outperformed Euro counterparts.
- ECB peak hike pricing was unchanged, with just 1bp of increases still implied by a 4.01% Dec 2023 depo rate peak (has been 1-to-3bp since Oct 3rd). The pricing for cuts was pared a little today though alongside a risk-on tone seeing equities buoyed: 76bp of cuts are implied from the peak through the subsequent 12 months, around 0.5bp less than had been seen at Monday's close.
- Conversely, more BoE cuts were priced: now over 71bp in the year from the Feb 2024 peak, 2.5bp more than seen Monday and the most since late September. There's just 7bp of hikes priced for the November meeting, with 13bp priced to a 5.38% peak - little changed from Monday's levels, which are testing the late September lows.
Source: BBG. MNI
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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