Free Trial
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.
STIR
European terminal rate expectations are basically back to where they were before the US CPI release Thursday (but Fed hike pricing remains lower):
- There is still around 160bp of further BoE hikes expected in this cycle (had dropped from 163bp to 148bp implied at Thursday's low).
- ECB hikes are seen totaling a further 152bp, basically the same as pre-CPI, but up from 134bp at Thursday's low.
- We'd take US readings with a bit of caution today given the thinner holiday trade, but futures continue to point to around 15-16bp less implied cumulative hiking to mid-2023, at 107bp (about 8bp off the low which was 99bp).
Cumulative hike pricing remaining in cycle (ppt)Source: BBG, MNI
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok