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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
The lack of RBA policy pivot re: rate hikes in today’s statement (see earlier bullets for greater colour) allowed the IB strip to unwind a very modest amount of the rate hike premium that was priced in pre-RBA. Still, IB volumes were light, with the biggest move coming in the Jul-Oct ’22 zone of the strip, which saw ~8bp of the tightening pricing unwound. A 15bp rate hike is now fully priced for June ’22 vs. May ’22 pre-RBA. Focus moves to RBA Governor Lowe’s first address of ’22, which will take place on Wednesday.
Fig. 1: RBA Cash Rate Pricing Implied By The IB Strip
Source: MNI - Market News/ASX/Bloomberg
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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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