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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 hike pricing was more responsive to hawkish developments in the US Thursday than ECB pricing. While comments by the Dallas Fed's Logan pointing to a June FOMC rate hike saw June Bank Rate pricing jump over 1bp, there was no equivalent movement in the Euro rate strip.
- Near-term hike prospects overall were relatively well-anchored given strong upward movements in yields across the bond curves, as risk appetite picked up on prospects of a US debt limit deal.
- ECB terminal depo rate pricing -0.3bp to 3.77% (53bp of further hikes left in the cycle).
- BoE terminal Bank Rate pricing +4.7bp to 4.97% (47bp of further hikes left in the cycle). June hike pricing rose by over 2bp to 21bp (around 83% prob of a 25bp hike) on the aforementioned US developments. TSC testimony by senior BoE officials including Bailey didn't move pricing.
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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