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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
ECB peak hike pricing saw one of its bigger daily up moves of the past month on Wednesday to a 5-session high, with BoE pricing pulling back Tuesday's rise.
- ECB terminal depo Rate pricing +2.4bp to 3.92% (17bp of further hikes left in the cycle to Dec 2023). With multiple hawks emerging today including Knot (who said a September hike is a close call) and Kazimir (ECB must hike one more time), September pricing recovered 2bp to over 8bp, around a 1-in-3 chance of a 25bp hike (that's still well off the 56% implied a week earlier though). There's 14bp priced through the Sept and Oct meetings cumulatively.
- BoE terminal Bank Rate pricing -3.4bp to 5.76% (51bp of further hikes left in the cycle to Mar 2024). Today's BoE TSC testimony didn't move the needle much, with hike pricing basically reversing Tuesday's rise. A September 25bp hike is implied with 90% probability (that's vs around 95% Tuesday), with 36bp priced through the next two meetings cumulatively.
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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