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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
The STIR markets in the $-Bloc are close to calling an end to the tightening cycle, following the expected 25bp hike by the RBNZ on May 24. This expectation firmed after positive compositional signs in the US CPI release for April, which met expectations with both headline and core ex-food & energy measures increasing by 0.4% m/m. While goods prices were driven up by used cars, which is not expected to continue, rent and services prices excluding housing and energy showed an improvement.
- Projected Fed rate cuts for late 2023 / early 2024 firmed with 81bp priced by Dec’23 and 102bp by Jan’24.
- Year-end easing expectations in CA, AU and NZ sit at a more modest 25-30bp.
Figure 1: $-Bloc STIR
Source: MNI – Market News / Bloomberg
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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