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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
The spread between ECB and BoE terminal rates tightened for the 2nd consecutive session, with the former ticking higher and the latter continuing to drift lower to 2 month lows.
- ECB terminal depo Rate pricing +0.9bp to 3.92% (17bp of further hikes left in the cycle) ECB hike pricing ticked a little higher for the 2nd consecutive session, but remains closely anchored to the close-to-but-just-below 4% peak area (has closed between 3.89 and 3.92% since Jul 28th). 10bp is priced for September's decision, with 15bp through the next two meetings cumulatively.
- BoE terminal Bank Rate pricing -2.9bp to 5.72% (47bp of further hikes left in the cycle to Feb 2024). BoE hike pricing rose from session lows but overall continues to tick lower (today for the 6th session in 7), with the current terminal at the lowest level since Jun 12. A 20bp hike is priced for September (ie 80% prob of a 25bp raise), down a couple of bp since the August MPC; 34bp is 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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