FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

CHF STIRs Pare Initial Hawkish CPI Move

STIR

SARON futures have retraced the bulk of their initial CPI-driven downtick, last unchanged to 2.5bp lower.

  • SNB-dated OIS shows ~17bp of easing (a little over 65% odds of a 25bp cut) through the June meeting, with a 25bp cut more than fully discounted through the Sep meeting.
  • As we noted earlier, the upside surprise in the CPI release was largely driven by imported goods.
  • Market participants have been happy to fade the move, likely aided by the rally in core wider core global FI markets and given the volatility in the imported inflation readings.
  • Still, the data seems to provide some upside risk to the current SNB forecast for Q224 (1.4%), as rental price inflation may accelerate in the coming months.
  • FX movement also continues to provide a risk factor on the imported inflation side.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

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.