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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
This week, $-Bloc STIR opens with additional tightening priced in all markets, leaving little possibility of any easing by the end of the year.
- Mixed policy opinions with the US Fed out of blackout on Friday. Richmond Fed President Barkin noted that slowing the pace of hikes gives the Fed more time to assess data and that the Fed can do more if slowing demand doesn't lower inflation. Gov Waller said that as the labour market is still strong and core inflation is sticky there is probably going to be some more tightening to try and tame price pressures.
- FOMC dated OIS price 18bps of hikes for the July meeting, a terminal rate of 5.30% is seen in September with 10 bps of cuts priced for 2023.
- RBA dated is 1-6bp softer across meeting in early Monday with February leading. Terminal cash rate expectations sit at 4.60%, equating to a cumulative 53bp of tightening priced by November.
- RBNZ dated OIS pricing is little changed in Monday trade with terminal OCR expectations at 5.61%.
Figure 1: $-Bloc STIR
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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