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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
ECB and BoE rate hike pricing was little changed Monday.
- ECB terminal depo Rate pricing +0.8bp to 3.92% (17bp of further hikes left in the cycle to Dec 2023) - ECB hike pricing edged slightly higher but still well short of the 4% mark that would imply a further depo rate hike, with strength at the short end of the German yield curve driven more by technical factors (the end of remuneration on gov't deposits at the Bundesbank) than ECB policy expectations per se. There's just under 10bp of hikes priced for September's meeting, with 15bp cumulatively priced through the next two decisions.
- BoE terminal Bank Rate pricing -0.9bp to 5.78% (53bp of further hikes left in the cycle to Mar 2024): With no UK data of note Monday, terminal BoE pricing spent the morning retracing Friday afternoon's US jobs-related dip - hitting a peak of 5.85%, highest since Aug 2 - before fading in the afternoon. Most of the intraday moves were focused further down the strip into 2024, with near-dated meeting implied little changed: here's 22bp of hikes priced for September, with 37bp through November's MPC.
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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