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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.
STIR FUTURES
STIR futures are little moved this morning as the market awaits the FOMC decision later this evening.
- Eurodollar futures are 0.5-2.0 ticks down on the day. Markets are pricing around 78bp ahead of Wednesday's FOMC policy announcement with a cumulative 137bp priced for September and 181bp priced by the December meeting. Therefore the curve inverts somewhat with a first 25bp cut fully priced by September 2023.
- The SONIA futures curve is up to 4.5 ticks lower on the day, with the strip steepening through the Whites and then seeing a parallel move through the rest of the curve. Markets now price 46bp for next week's meeting with a cumulative 93bp priced by September and 155bp by year-end, with 174bp priced by February 2023, with the curve inverting thereafter.
- Moves have been more limited for the Euribor curve which is down up to 1 tick on the day. Markets price 43bp for the September meeting, 82bp by October and 109bp by year-end. The curve flattens from March 2023 onwards with a peak of around 120bp priced in.
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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