Free Trial

Modest Retracement In Rate Expectations Post-Bullard

STIR FUTURES
  • A lack of more explicitly hawkish comments from Bullard aside from "continued" hikes “can help lock in a disinflationary trend during 2023, even with ongoing growth and strong labor markets”, has seen a small dip in rate expectations.
  • OIS shows a cumulative 48bps of hikes over the next two meetings from a post-PPI high of 49.5 whilst the front SFRH3 sits just -0.003 on the day at 95.0575 having now unwound more than half of the drop to 95.04 on the data. Further out, the July OIS-implied terminal sits at 5.23% (5.22 pre-data, session high 5.27).

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.