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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
BoE and ECB rate hike expectations rose firmly last week, with BoE terminal implied Bank Rate up 20bp (4.96%) and ECB up 7bp (3.84%).
- They're off to a fairly quiet start today, with ECB flat w peak rates still seen in Oct and UK up 1bp with peak seen in September.
- 25bp hikes for the ECB (May 4) and BoE (May 11) meetings are fully priced, and then some (~30% of 50bp for ECB, ~12% for BoE).
- May ECB pricing has settled into a 30-33bp range since April 14th, with speakers and data not really moving the needle last week, while in contrast, strong UK wage and CPI data last week appears to have settled the debate in favour of 25bp vs pause.
- Focus for the European week will be on prelim eurozone national CPIs for April on Friday.
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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