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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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Free AccessCBRT Statement Could Suggest Further Rate Cuts Are Unlikely
- No analyst surveyed by BBG saw a rate cut of 200bps today, with 100bps being the largest policy change forecast.
- When forecasting a 100bps rate cut, a number of sell-side analysts saw further cuts before year-end, with some seeing the main policy rate falling as low as 15.00% by the end of 2021.
- CBRT's statement today that there is "limited room for downward adjustment to the policy rate" could suggest the bank are front-loading these rate cuts and further easing is unlikely. This may see markets adjust to a new presumed floor in the policy rate at 16.00%.
- This "limited room" phrase was not present in the previous September policy statement, and has been introduced this month for the first time.
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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.