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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.
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Free AccessMNI UST Issuance Deep Dive: Dec 2024
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MNI ASIA MARKETS ANALYSIS: Jobs Data Green Lights Rate Cuts
BoE Terminal Pricing Stalls Around 6%, Over 30bp Of Tightening Still Priced For This Week
The recent bid in BoE-dated OIS runs out of steam (for now) as hawkish participants fail to press terminal policy rate pricing above 6.00%, before the measure eases back to show just below 5.95%.
- As noted elsewhere, local news flow has been limited, outside of some light relief for shoppers when it comes to the rate of grocery price inflation.
- Participants remain focused on tomorrow’s inflation report, ahead of the latest BoE monetary policy decision (Thursday). All of those surveyed by BBG look for a 25bp hike re: the latter. Market pricing remains a little more aggressive, showing ~30bp of tightening for the event.
- A reminder that a tighter than expected UK labour market and supply side constraints have been front and centre in recent sessions.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
Jun-23 | 4.731 | +30.3 |
Aug-23 | 5.099 | +67.1 |
Sep-23 | 5.386 | +95.8 |
Nov-23 | 5.618 | +119.0 |
Dec-23 | 5.786 | +135.8 |
Feb-24 | 5.863 | +143.5 |
Mar-24 | 5.86 | +143.2 |
To read the full story
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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.