Free Trial
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
Bank of England terminal rate pricing jumped Monday, nearing 6% ahead of Wednesday's CPI data and of course Thursday's BoE decision. ECB hike pricing couldn't match that, but terminal Depo rate rose to the highest since late April.
- BoE terminal Bank Rate pricing +10.5bp to 5.95% (145bp of further hikes left in the cycle to Feb/Mar 2024 - intraday peak was 5.98%). While June implied probability for a 50bp hike is fairly modest (~20%), notably the OIS curve includes 98bp of hikes over the next 3 meetings (Jun, Aug, Sep) implying a 50bp raise somewhere along the line (66bp is implied through Aug).
- ECB terminal depo Rate pricing +3.7bp to 3.96% (47bp of further hikes left in the cycle to Dec 2023). ECB's Schnabel's warning against under-tightening put some modest upside pressure on Eurozone peak pricing Monday. Chief Econ Lane largely echoed Lagarde's press conference comments last week pointing to a July hike but with September still undecided. Around 40bp of cumulative hikes are priced through the September decision.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok