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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
The ECB's decision and communications Thursday brought few surprises, with the much-anticipated hold in the main policy rates meeting with a small downtick in the implied rate profile. This help drag down BoE implied pricing. Both saw an acceleration toward the end of the session as equity futures came under increased pressure.
- Expected ECB cuts in the year following the peak depo rate (which remains just 2-3bp from current levels) have increased by around 7bp today to 74bp.
- Looking ahead to next week's BoE decision, for which there is around 5% implied probability of a 25bp hike: peak pricing was likewise fairly steady today (around 9bp more tightening seen to the Feb 2024 peak), with more cuts priced in: around 6bp more than seen Wednesday, to 64bp over the 1 year from the peak to Q1 2025.
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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