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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
The expected BoE terminal rate (4.43% Jun 2023) this morning fell below the Fed's (4.47% Mar 2023) for the first time since August 17th, helping drive the pound lower vs the US dollar.
- This is mainly a function of upward Fed pricing (almost 50bp added to the Fed's hiking path) after this week's US CPI surprise.
- Weak UK economic data - including this morning's below-survey August retail sales - mean BoE hike expectations have simply failed to keep pace.
Jun2023 BoE Implied Rate (%) In Blue Vs Mar2023 Fed (%) In WhiteSource: BBG, MNI
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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