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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
Stronger than expected US data overnight sees US STIR join Canada & Australia in pricing more than 25bp additional tightening for the remainder of this year. Lower-than-expected core inflation measures in Canada failed to soften the expected terminal rate.
- The other noteworthy recent development is that there is no year-end easing currently priced across the $-bloc.
- NZ stands as the exception in terms of futures pricing, with only 14bp of additional tightening priced. NZ STIR has been reluctant to follow the lead shown by the other $-bloc markets following the surprising decision by the RBNZ to signal a likely peak in its OCR at its most recent MPS.
Figure 1: $-Bloc STIR: Terminal Rate Expectations & Year-End Pricing
Source: MNI – Market News / Bloomberg
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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