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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
STIR futures are moving higher this morning ahead of the key US CPI print due at 13:30BST / 14:30CET later today. For both the SONIA and Euribor strips, the biggest moves have been in the Reds with the curve flattening through the Whites and then steepening through the Greens and Blues. The Eurodollar strip in contrast has flattened throughout the White / Red / Green / Blue area.
- In terms of what's priced in. For the Fed markets now price around 54bp for June, 102bp cumulatively by July, 139bp by September and 187bp by year-end (5 meetings). The year-end figure is around 30bp lower than it was ahead of last week's Fed decision.
- For the UK, 28bp is priced for June, 55bp by August, 75bp by September and 111bp by year-end. This is around 25bp lower than before last week's MPC meeting. The pricing for September also reduced notably yesterday, removing most of the pricing for 50bp hikes (which we argued should be the case following Saunders' speech).
- For the Eurozone, 4bp is priced for June, 21bp for July, 50bp by September and 83bp is priced by year-end. The year-end figure has fallen somewhat over the last 24 hours too.
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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