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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.
CANADA
- GoCs have held their lift off highs but still see a strong rally on the day after a surprisingly soft CPI report with every main core measure (trim, median, CIPxFE & CPIX) moderating and the breadth of inflationary pressures narrowing.
- They see a sizeable bull steepening, with 2Y yields 12.5bp lower on the day and the Can-US yield differential 8.5bp lower at -52.5bps.
- BoC-dated OIS sees almost 20bp of cumulative cuts for June from closer to 12.5bp beforehand, whilst cumulative cuts for July have increased ~10bp of the day to 34bps.
- Further out, 3-mth CORRA futures show 79bp of cuts through Mar-Dec’24 contracts, vs 68bps pre-CPI and 88bps before the Mar 6 BoC.
- Analyst takes on CPI so far haven't yielded any formal view changes but some see a greater likelihood of a more notable dovish shift in guidance at the April BoC 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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