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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 Euribor strip firms alongside global core FI markets, as dovish Fed-speak yesterday afternoon continues to reverberate alongside soft inflation data out of the Eurozone.
- Recent moves have seen ECB-dated OIS contracts again price over 100bps of cuts by the December 2024 meeting (up from just over 80bps at the start of this week).
- Most strength is seen in the Reds, which are 5.5 ticks higher at typing. The Dec '24 contract trades at its strongest since June at an implied rate of 2.95%.
- Current tracking from German state-level inflation data suggests downside risks to the national consensus, while Spanish CPI undershot expectations on headline and core components.
- Yesterday's impetus came as Fed Governor Waller - an influential member of the FOMC - brought up the idea of US rate cuts in the coming months to maintain the level of real rates.
- The remainder of today's docket sees sentiment data from the European Commission at 1000GMT and the national German CPI print at 1300GMT.
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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