MNI INTERVIEW: Lack Of BCB Guidance Doesn't Mean End Of Cycle
MNI INTERVIEW: Lack Of BCB Guidance Doesn't Mean End Of Cycle
MNI Credit Weekly: Riding High
MNI Credit Weekly: Riding High
S&P E-Minis Trend Needle Points South
S&P E-Minis Trend Needle Points South
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Webcast:Too early to determine impact of tariff - BoE Breeden
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MNI INTERVIEW: Lack Of BCB Guidance Doesn't Mean End Of Cycle
MNI Credit Weekly: Riding High
MNI Credit Weekly: Riding High
S&P E-Minis Trend Needle Points South
S&P E-Minis Trend Needle Points South
Latest Webcast
Latest Webcast
Webcast:Too early to determine impact of tariff - BoE Breeden
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MNI Technical Analysis
S&P E-Minis Trend Needle Points South
FI Market Analysis
FI Market Analysis
The MNI Market team thinks that a cut in June is still possible but the bar is much higher than had been expected.
May 11, 2025 05:46Trade developments and expectations of further deals very much set the tone this week ahead of key weekend talks
May 09, 2025 06:48The EU looks to hold a syndication while the Netherlands, Italy, Germany and Portugal all look to hold auctions.
May 09, 2025 02:58A weekly wrap of some of the key themes/data outcomes for the Asia Pac region.
May 09, 2025 05:50FX Market Analysis
FX Market AnalysisA weekly wrap of some of the key themes/data outcomes for the Asia Pac region.
May 09, 2025 05:50Norges Bank held rates at 4.50% as unanimously expected.
May 08, 2025 01:51The Riksbank held rates at 2.25% as unanimously expected, and introduced a very slight dovish tilt to its guidance.
May 08, 2025 01:45GBP STIRs are little changed this morning, looking through the previously covered Chinese policy easing announcement and reports pointing to the U.S. and UK nearing a trade accord. * SONIA futures flat to +1.5. * BoE-dated OIS is within 1bp of yesterday's closing levels, showing 95bp of cuts through year-end. A reminder that ~88.5bp of cuts were priced through year-end early yesterday after over 100bp of easing was priced over the same horizon last week. * The next 25bp cut is still fully discounted come the end of tomorrow's decision. * An outcome other than a 25bp cut would be surprising but there will be a number of things to watch: any changes to the guidance and the inflation/growth forecast changes, the vote split and the introduction of new scenarios. * For the guidance we expect "restrictive" and "careful" to remain but we question whether "gradual" will be removed and talk through the rationale for this potential change. * On the vote split, consensus expects 8-1 but neither Dhingra nor Mann dissenting for a 50bp cut would be a huge surprise. Taylor or Ramsden are plausible possible dissenters that would be more noteworthy - and any other member voting for a 50bp cut or for Bank Rate on hold would be a huge surprise. * Click for our full preview: https://media.marketnews.com/MNI_Bo_E_Preview_May25_cdd10a1afe.pdf. * Expect macro news flow and cross-market moves to dominate between now and the BoE decision, with little of note on the UK calendar in that period. ------------------------------------------------------------------------------- BoE Meeting SONIA BoE-Dated OIS (%) Difference vs. Current Effective SONIA Rate (bp) May-25 4.200 -25.9 Jun-25 4.064 -39.5 Aug-25 3.861 -59.9 Sep-25 3.721 -73.9 Nov-25 3.560 -89.9 Dec-25 3.510 -94.9
May 07, 2025 06:51
