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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
BoE peak rate pricing faded intraday after soaring on strong UK earnings data, but overall rose sharply for the 3rd consecutive session, helping nudge ECB pricing higher for the 8th day in 9.
- BoE terminal Bank Rate pricing +9.2bp to 5.97% (72bp of further hikes left in the cycle to Mar 2024). While peak pricing pulled back 9bp from the intraday peak which had put rates in March next year at a one-month high at 6.06%, today's increase meant a total 25bp added to the hiking path over the past 3 sessions - with Wednesday's CPI data keenly anticipated.
- September MPC pricing firmed early and held elevated levels despite the pullback further down the strip, implying a 25% probability of a 50bp hike (vs 25bp) at September's meeting (and 51.5bp through the next two meetings cumulatively).
- ECB terminal depo Rate pricing +1bp to 3.95% (20bp of further hikes left in the cycle to Dec 2023). There's now a 50/50 chance of a 25bp hike at the September meeting (up 6% from Tues but down 6% from today's session high implied), with 18bp of hikes cumulatively priced through the next two meetings.
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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