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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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Free AccessMNI Preview: Time to stop private purchases?
- Just a reminder that the Riksbank policy decision / MPR are due for release at 8:30GMT / 9:30CET.
- With the ECB moving to a less dovish setting, and the next Riksbank meeting not for another 11 weeks, we think the decision will be made at this meeting to reduce reinvestments in Q2, with the pace of purchases of govvies and munis remaining unchanged to the Q1 pace of GBP12bln/quarter but covered (and potentially corporate) bond purchases either being slowed or stopped for Q2.
- The MNI Markets team would expect a rate hike to be signalled by Q2-24, with some small probability of a hike late in 2023.
- In terms of market reaction, the decision on whether to continue the Q1 pace of reinvestments or to end covered / corporate purchases would have a significant impact on spreads.
- If our view of the repo rate path (a hike by mid-2024) is realized this would likely see SEK depreciate.
- For the full MNI preview including summaries of 11 sellside analyst views click here.
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.