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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 hit fresh highs Wednesday, while the ECB's was basically unchanged.
- BoE terminal Bank Rate pricing +10.6bp to 6.41% (141bp of further hikes left in the cycle to Mar 2024) Despite finishing ~1.5bp off the session highs, the daily rise in BoE terminal rates was the biggest since the June MPC delivered a surprise 50bp hike, and brought a fresh high for the cycle, exceeding the 2022 mini-budget highs.
- The path includes 43bp implied for August's MPC (still down a little from 46bp at the end of last week) and a cumulative 86bp through the September meeting.
- ECB terminal depo Rate pricing -0.6bp to 4% (51bp of further hikes left in the cycle to Dec 2023). Depo rate pricing remained capped at the 4.00% level which has seemingly been the ceiling since late April. 23bp is priced for the July meeting, with 39bp cumulative through September.
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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