Free Trial

MNI BNM Preview - January 2024: On Hold, Unlikely To Ease Before The Fed

BNM
  • None of the 21 economists surveyed by Blomberg expect BNM to shift policy at tomorrow’s meeting. This would leave the policy rate at 3.00%, which is where it has been since May last year. Our firm bias is also for no change at the policy meeting.
  • Inflation pressures continue to moderate, albeit at a reduced pace compared to earlier in 2023. The outlook for inflation is also mixed enough to caution the BNM against a dovish shift. This point is reinforced by weaker FX levels on both a spot basis and in NEER terms.
  • Like elsewhere in the region, BNM is likely to wait for a more definitive Fed shift before it eases policy.
  • See our full preview here:

To read the full story

Close

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.