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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
- In another day of “reset the chart y-axis”, BAX futures implied yields are up more than 20bps in the red pack and with sizeable increases either side as well.
- This leaves implied yields in the Z2 contract 190bps higher than 3mth CDOR (in turn already implying sizeable increases), whilst the Z3 contract is 225bps higher than the 3-mth. Both H3 and M3 contracts price in an additional 100bps of hikes than after the BoC decision three weeks ago.
- Roughly supporting this, the OIS curve has 215bps of hikes for the six meetings left this year and almost 50bp for April.
- Most of the move came earlier but was further supported by BOC Dep Gov Kozicki noting that the BOC is prepared to act forcefully to bring inflation down and that households are in better shape to handle hikes. Near-term inflation is seen higher than in the January forecast, with new forecasts due on Apr 13.
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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