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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 terminal rate expectations rose the most since mid-April on Tuesday, by as much as 13bp to 5.13% to a fresh post-October 2022 high. Today's changes:
- BoE terminal Bank Rate pricing +10.1bp to 5.11% (61bp of further hikes left in the cycle). Building on Monday's 3bp rise, Tuesday's sharp jump in terminal rate pricing came following a flash May Services PMI that was soft on the surface but more hawkish in the details. Also influencing weakness was anticipation of Wednesday's CPI release (Core seen steady at 6.2% Y/Y). Around 21bp of hikes remains priced for the June meeting.
- ECB terminal depo Rate pricing +0.5bp to 3.79% (55bp of further hikes left in the cycle). As was the case in the UK, soft eurozone manufacturing PMIs were seen offset by more hawkish services data. German IFO is eyed Wednesday. 23bp remains the hike pricing for June's ECB 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.
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