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
BoE hike pricing reversed sharply lower intraday Thursday. With terminal pricing having peaked in early trade - implying 22bp of hikes from current levels by the Feb 2024 peak - pricing faded to show only 16bp by day's end, down 2+bp on the day. The drop accelerated at 5pm UK on dovish commentary by Federal Chair Powell.
- There's just over 5bp priced for the November MPC decision, around 21% implied probability of a 25bp hike - unchanged on the day.
- That said there was a small reduction in foreseen cuts, with 45bp in reductions seen in the year following the peak, 3bp less than had been seen Weds.
ECB implied terminal rates rates were relatively steady as the quiet period ahead of next Thursday's decision begins.
- No change is 100% priced for next week, with 3bp of hikes cumulatively priced to the peak in Dec or Jan. There was little change in implied cuts, with 57bp of reductions seen in 2024.
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