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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 AccessMorgan Stanley has updated its call on Bank of...>
UK: Morgan Stanley has updated its call on Bank of England rate policy and now
look for a 10bp cut to zero in November with banks able to access the Term
Funding Scheme at negative rates.
- "We see a general case for easier policy with inflation below target and a
wide output gap. But negative policy rates may undermine bank profitability and
the supply of credit, especially as NPLs rise. Here, we see the provision of
cheap term funding - like the ECB, at a spread below the main policy rate - as a
tool to mitigate a post-pandemic tightening of credit standards. We now expect a
November rates package to support the recovery, with Bank Rate going to zero and
TFS to a spread of 25bp below Bank Rate. We see a modest 10% chance of Bank Rate
going negative in 2021."
- On QE, Morgan Stanley look for another GBP200bln of QE this year with
GBP100bln of that announced at the June meeting.
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.