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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
Implied ECB/BoE rate cuts increased Monday despite few Europe-specific catalysts, partially reversing the 14-15bp decline in cut pricing last week which had been triggered by stronger-than-expected PMIs (among other factors).
- 85bp BoE Bank Rate cuts are seen in the year following the Feb/Mar 2024 peak, which is the most since the Nov 22 close; there are 90bp of ECB cuts seen in 2024 after the Dec 2023 peak, the most since Nov 21.
- That represents 11bp more ECB cuts and 6bp BoE cuts than seen at Friday's close.
- There's limited change in the timing tempo, with the first 25bp ECB cut fully priced by the June 2024 meeting, with the BoE's in August 2024.
- Focus for the week remains on the November round of Eurozone CPI which runs Wednesday-Thursday - our preview will be out Tuesday.
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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