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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
ECB/BoE cut pricing for the year following the respective rate peaks pulled back around 6bp Thursday, for the 2nd consecutive day, as Eurozone and UK PMI data came in above expectations.
- While the status quo of no further hikes remains for both central bank implied paths, total cuts in the year following the peak fell to 82bp for the ECB (from end-2023 to end-2024) and 80bp for the BoE (from Feb/Mar 2024 to Feb/Mar 2025).
- That is the least amount of cuts priced since late October.
- The first ECB cut remains fully priced by the June 2024 meeting, with the BoE's in August vs a near-lock in June as had been seen earlier this week.
- For the ECB, 50bp in cuts are fully priced by September 2024, with 75bp by October. For the BoE, that's 50bp in cuts from peak by December 2024, with 75bp by March 2024.
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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