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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
Rate markets pulled back on implied ECB and BoE cuts from peak Monday as core FI retreated from Friday's extremes, though there remains little change in expected terminal levels.
- Rate strips continue to imply that the ECB is finished tightening, with the cumulative probability of a full 25bp cut building to the first reduction in June 2024. Versus Friday's US employment report-related rally though, cut expectations for the year following the Dec 2023 peak retreated 5bp to 89bp.
- Likewise for the BoE, around 5-6bp of further potential tightening is seen through the Feb/Mar 2024 peak, with 83bp of cuts implied through the following year - 7bp less than was seen at last Friday's close. That includes a first full reduction by August 2024.
Source: MNI
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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