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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
A weaker-than-expected UK CPI reading this morning saw BoE peak rate pricing erase this week's rise. Aug '23 rates are seen at 4.57%, vs nearly 4.70% at Tuesday's close, and back at last Friday's closing levels.
- Monday and Tuesday had seen a sharp rise in expectations in part due to strong nominal wage gains, and BoE's Bailey citing potential for second-round inflation effects.
- Pricing for tomorrow's decision dipped 1-2bp, but is still firmly in favour of 50bp as opposed to 75bp with 54bp implied.
- ECB peak pricing is relatively steady by comparison with tomorrow's decision seen likewise at 54bp (ie 16% chance of a 75bp raise), with terminal rates seen in the low 2.80% area.
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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