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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
- BAX yields have seen a further pivot towards an unwinding of inversion through 2023, with front contracts little changed from early this morning (+2bps for the Dec’22) but larger increases thereafter (+6bps Dec’23).
- Having surged 18bps since strong core CPI inflation on Tuesday, the Dec'22 saw little today to sway it from an aggressive near-term hiking path (OIS still holding around 68bps priced for the Sept 7 BoC), with an ultimately mixed retail sales report not moving the needle.
- The continued increases further out though see the Dec’23 yield circa 30bps higher since both CPI and after last month’s BoC decision to “front-load” with a surprise 100bp hike. That has helped BAZ2/BAZ3 inversion reverse to an implied 37bps of cuts from a peak of 75bps in late July after the latest FOMC.
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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