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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 FUTURES
- BAX futures continue to be little changed in the front end but up to 4.5 ticks higher in reds and greens, implying more weight being put on the fact that long-run inflation expectations remained anchored in the BoC’s business and consumer surveys.
- The rate path continues to be trimmed from the peak after BoC's Dep Gov Kozicki spoke on being prepared to act forcefully two weeks ago, but this is minor compared to the aggressive path priced in.
- BMO: The ongoing inflation concerns highlighted in the BOS reinforced BMO’s expectations for a 50bp hike next week (which they see followed by 50bp in Jun).
- Desjardins: Very shortly after the surveys, Desjardins increased their rate call to a 50bp hike next week.
- CIBC: Today’s surveys support the case for further rate hikes, but not yet the case to increase quickly to above the neutral rate as markets currently expect. CIBC had earlier upgraded their rate call to a 50bp hike next week, 125bp to come this year (previously 100bp) but kept to the same terminal of 2.25%.
- RBC: They stick to their view that the Bank is most likely to hike the overnight rate by 50bp next week.
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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