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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
BoE and ECB terminal hike pricing edged higher for the first session in 3 Thursday, ahead of Friday's speeches by Fed's Powell and ECB's Lagarde, and German IFO and GDP data.
- ECB terminal depo Rate pricing +0.7bp to 3.88% (13bp of further hikes left in the cycle to Dec 2023) Dovish comments from Jackson Hole by ECB's Centeno ("downside risks that we identified in June in our forecast have materialized"; "plenty of data still to be made available until the September decision") didn't move the needle much, with a September 25bp hike still given a 1-in-3 chance by markets, with 13bp priced through the next two meetings combined.
- BoE terminal Bank Rate pricing +0.3bp to 5.88% (63bp of further hikes left in the cycle to Feb 2024): BoE peak pricing marginally regained ground after a 3bp dip earlier in the session. A 25bp September hike remains fully priced (27bp), with 46bp of hikes seen cumulatively through the next two meetings.
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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