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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 tightening expectations continued to fade Tuesday, in spite of an in-line-to-stronger (but ultimately contractionary) set of PMI data - with partial domestic (partial) labour market data suggesting softer dynamics, or at least no greater urgency for BoE tightening.
- There's now just 9bp of hikes seen left in the cycle. to the Feb 2023 peak, including <2bp for the Nov meeting. Pricing deepened for cuts one year out from peak, to 66bp (from Q1 2024 to Q1 2025), 8bp more than seen Monday.
- ECB pricing remained static, with <2bp of hikes priced for the rest of the cycle to Dec 2023, including no move this Thursday. On the back of contractionary Eurozone PMIs (including a weak German services figure) there were an additional 5bp of cuts seen in 2024 priced in though, with 70bp now envisaged, vs 65bp Monday.
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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