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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
- ECB easing expectations were pulled back Thursday, with the 63bp of cuts seen from the Dec 2023 peak to end-2024 - 8bp less than seen Wednesday.
- That is the least cutting priced since Oct 4 and comes largely on the back of a stronger-than-expected US CPI figure and despite the ECB's September meeting minutes seen cementing expectations that the central bank is finished with hikes (just 2bp further tightening priced, up under 1bp on the day).
- The expected pace of BoE cut pricing from peak is similar at 64bp in the 12 months from the Q1 2024 peak - today took 4bp out of expected cuts. Peak hike pricing picked up 1bp on the day, implying 13bp of hikes left in the cycle.
- Monthly UK activity data this morning was largely in line but manufacturing was seen to be on the soft side, with nothing in the report to suggest the BoE will be more likely to hike in November (just under 7bp of a hike priced).
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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