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Policy
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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI: Transcript of MNI's Interview with Philly Fed's Harker
MNI INTERVIEW: Fed's Harker Ready To Start 'Methodical' Cuts
Little Changed, US Tsys Extend Post-FOMC Rally
ACGBs (YMH4 +0.8 & XMH4 +3.3) are slightly firmer after US tsys continued richer. The 2-year yield declined 7bps following yesterday’s 25bp drop, which was the largest daily decline since the collapse of Silicon Valley Bank in March. The 10-year yield fell 10bps to 3.92%, the lowest level since June.
- The ECB left interest rates unchanged at 4.0% for the second consecutive meeting, as expected. In an attempt to curtail easing expectations, ECB President Lagarde said rate cuts were not discussed at all and policymakers mustn’t get complacent following the recent fall in inflation.
- The BOE maintained its policy rate at 5.25%, which was in line with expectations. The vote was split 6-3 with three committee members still favouring a 25bps hike.
- Judo Bank Flash PMI printed: Mfg 47.8 in December vs 47.7 prior, Services 47.6 vs 46 prior and Composite 47.4 vs 46.2 prior.
- Cash ACGBs are 1-3bps richer, with the AU-US 10-year yield differential unchanged at +18bps.
- Swap rates are +/- 1bp, with the 3s10s curve flatter.
- The bills strip is slightly cheaper, with pricing -1 to -3.
- RBA-dated OIS pricing is little changed across meetings, with 60bps of easing priced by Feb’25.
To read the full story
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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.