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All signal, no noise
All signal, no noise
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A former senior RBA official shares his view on the RBA's new voting structure.
Jul-10 23:29Central Bank of Brazil former deputy governor for international affairs Tony Volpon speaks with MNI in an interview.
Jul-10 20:52San Francisco Federal Reserve President Mary Daly discusses her economic outlook on MNI Connect.
Jul-10 19:01You are invited to listen to a Livestreamed MNI Connect Video Conference with the San Francisco Fed President Mary Daly
Jul-10 12:05You are invited to listen to a Livestreamed MNI Connect Video Conference with the San Francisco Fed President Mary Daly
Jul-10 12:00MNI looks at the BOJ's policy calculations.
Jul-10 10:37Key Events
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Open CalendarLink to the pagemyMNIhttps://my.mnimarkets.com/dashboard?widget=/events/key-events-calendarHSC on myMNILink to the pageMore CalendarsLink to the pageLatest insights
A former senior RBA official shares his view on the RBA's new voting structure.
Jul-10 23:29Central Bank of Brazil former deputy governor for international affairs Tony Volpon speaks with MNI in an interview.
Jul-10 20:52San Francisco Federal Reserve President Mary Daly discusses her economic outlook on MNI Connect.
Jul-10 19:01You are invited to listen to a Livestreamed MNI Connect Video Conference with the San Francisco Fed President Mary Daly
Jul-10 12:05You are invited to listen to a Livestreamed MNI Connect Video Conference with the San Francisco Fed President Mary Daly
Jul-10 12:00MNI looks at the BOJ's policy calculations.
Jul-10 10:37Newsletter
MNI US MARKETS ANALYSIS - Trump's Tariff Streak Continues
Jul-11 11:06MNI US OPEN - EU-US Talks Paused Pending Tariff Letter
Jul-11 09:49MNI DAILY TECHNICAL ANALYSIS - GBP Weakness Still Corrective
Jul-11 07:46MNI EUROPEAN MARKETS ANALYSIS: USD Supported Amid Tariff Risk
Jul-11 05:46MNI EUROPEAN OPEN: Trump Threatens 35% Tariff On Canada
Jul-11 05:23MNI ASIA OPEN: Tariff Inflation Pass-Through One-Off Risk?
Jul-10 19:54MNI ASIA MARKETS ANALYSIS: Shrugging off Tariff Inflation Risk
Jul-10 19:52MNI US MARKETS ANALYSIS - USD Index Looks for Fresh Catalysts
Jul-10 11:07MNI Technical Analysis
USD Index (DXY) Tests A Long-Term Trendline Support

FI Market Analysis
Read moreFI Market AnalysisA somewhat robust payrolls report sees near-term Fed rate cut odds slashed with the Fed still in "wait and see" mode
July 04, 2025 04:24The EU is scheduled to hold a syndication while the Netherlands, Austria, Germany, Portugal and Italy will hold auctions
July 04, 2025 02:48We think that the market is looking at the wrong measure of reserves when discussing the BOE’s September APF decision
July 04, 2025 01:59A weekly wrap of some of the key macro themes/data outcomes for the Asia Pac region
July 04, 2025 05:53FX Market Analysis
Read moreFX Market AnalysisA weekly wrap of some of the key macro themes/data outcomes for the Asia Pac region
July 04, 2025 05:53GBP STIRs have pulled away from dovish session extremes given the adjustment in Fed pricing after the U.S. data. * SONIA futures flat to +5.5, with the strip bull flattening. * SFIZ5 & Z6 pierced respective May 9 & May 8 high before a retrace. Bulls will now look to target wider May highs in those contracts. * BoE-dated OIS hasn't been able to push consistently beyond 55bp of cuts through year-end, with markets probably needing to see greater deterioration in the labour market/a swifter than expected moderation in inflation to be comfortable with discounting a meaningful deviation from the once per quarter cutting cycle that has become familiar in recent months. * Comments from BoE dovish dissenter Taylor are due tomorrow. ------------------------------------------------------------------------------- BoE Meeting SONIA BoE-Dated OIS (%) Difference vs. Current Effective SONIA Rate (bp) Aug-25 4.005 -21.3 Sep-25 3.931 -28.6 Nov-25 3.758 -46.0 Dec-25 3.665 -55.2 Feb-26 3.531 -68.7 Mar-26 3.495 -72.2
July 01, 2025 03:05Firmer-than-expected JOLTs job data and a still elevated prices paid component in the ISM manufacturing survey applies hawkish pressure, countering the dovish input from Fed Chair Powell ahead of the data and outweighing a soft employment sub-component within the ISM survey. * Powell's focus on the Fed's mandate, as opposed to President Trump's critique, could be a supplementary factor. * 5bp of cuts priced into FOMC-dated OIS for this month, 28bp through September, 45bp through October and 64.5bp through year-end. Contracts are 1-3 less dovish vs. pre-data levels. * December pricing has retraced back within the range witnessed over the prior 3 sessions. * Implied terminal rate pricing on the SOFR futures strip sits at 3.11%, after printing at ~3.00% during the London morning (SFRZ6 hit the highest level seen since early May).
July 01, 2025 02:26Rates markets look for a next Fed cut in September whilst President Trump continues to call for significant rate cuts
July 01, 2025 01:19