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End Of $-Bloc Tightening Priced Despite Non-Farm Payrolls Beat

STIR

STIR markets are signalling the conclusion of the tightening cycle across the $-bloc, with the Australian market being the final participant to align with its counterparts after the recent RBA policy decision.

  • Moreover, easing expectations for 2024 have gained traction over the past week.
  • However, it's worth noting that the magnitude of the expected easing was tempered on Friday in the US and Canada, owing to the unexpectedly robust data from the US Non-Farm Payrolls.

Figure 1: $-Bloc STIR: Terminal Rate Expectations & Nov’24 Pricing



Source: MNI – Market News / Bloomberg

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