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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 and ECB peak rate pricing both increased for the 3rd session in 3 this week, with the former leading the way higher once again.
- BoE terminal Bank Rate pricing +4.3bp to 6.03% (78bp of further hikes left in the cycle to Mar 2023) Above-expected UK core CPI kept up the hawkish momentum in peak BoE pricing, which is now up 30bp since last Thursday and closed above 6.00% for the first time since July 18. Pricing for the next BoE meeting is for 32bp in hikes (around 30% prob of a 50bp raise vs 25bp), with 53bp cumulatively expected through the next two meetings.
- ECB terminal depo Rate pricing +0.5bp to 3.96% (21bp of further hikes left in the cycle to Dec 2023). Once again, ECB peak pricing remained relatively anchored, just below 4%, but edged higher for the 8th session in 9. More interestingly, September hike pricing ticked up today more than the terminal rate (+1bp), with a 25bp hike now more likely than not (about 55% probability).
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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