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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 peak hike pricing closes 13bp lower on the week to a post-Jun 12 low, with the ECB equivalent up 3bp on the week ahead of next week's Governing Council decision.
- BoE terminal Bank Rate pricing -5.8bp to 5.61% (36bp of further hikes left in the cycle to Dec 2023). At this point, a hike after the next in this cycle is far from assured. With the impact of BoE speakers (including Bailey) having left a relatively dovish impression earlier this week, there's under 20bp priced for the September meeting (around 77% prob of a 25bp hike implied, vs 84% Thursday), and 32bp through the next 2 meetings.
- ECB terminal depo Rate pricing +1bp to 3.93% (18bp of further hikes left in the cycle to Feb 2024). An MNI sources story out today (titled: "Hawks Aim For ECB Hike Before Data Ties Hands") helped spur a 1-2bp rise in expectations for a 25bp hike next week, which now sit at around 38% vs closer to 33% prior.
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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