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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 50bp BoE rate hike and familiar, hawkish utterances from Bundesbank chief Nagel have helped the majority of the liquid ECB-dated OIS strip tick higher today, with terminal rate pricing around the 4.05% mark (in deposit rate terms) at typing, a little off BoE-reaction extremes. A hawkish Norges Bank outcome and an inflation-wary SNB have also factored into pricing as the strip steepens, with the higher for longer idea gaining more traction (albeit with a non-negligible chance of rate cuts priced for early ’24).
| ECB Meeting | €STR ECB-Dated OIS (%) | Difference Vs. Current Effective €STR Rate (bp) |
| Jul-23 | 3.633 | +23.6 |
| Sep-23 | 3.837 | +44.0 |
| Oct-23 | 3.927 | +53.0 |
| Dec-23 | 3.945 | +54.8 |
| Jan-24 | 3.937 | +54.0 |
| Mar-24 | 3.862 | +46.5 |
| Apr-24 | 3.780 | +38.3 |
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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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