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
Today is set to see the biggest widening of Fed terminal rate expectations vs ECB and BoE since Mar 20th (which was the Monday after the Credit Suisse-UBS tie-up weekend), when it jumped 11bp compared with changes of less than 2bp for European cen banks. That's excluding the Apr 7 nonfarm payrolls day, in which US yields jumped but European markets were closed.
- There's no single catalyst for today's move, which reflects a combination of still-strong US data (Empire State Manufacturing) with a lack of market-moving European data, some risk-off in equities, and some payback from recent sessions in which ECB (in particular) hike pricing jumped while the US's was inert.
- Peak Fed funds is 5bp higher today (5.12% effective Fed funds seen, 29bp from here, for the June FOMC), with ECB -0.6bp (3.77% depo by Oct, 77bp from here) and BoE +0.4bp (4.76% Bank Rate by Sept, 51bp from here).
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