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Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
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EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
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G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
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Data
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Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
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About Us
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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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI US CPI Preview: Setting The Tone For 2025
MNI ASIA MARKETS OPEN: NY Fed Inflation Expectations Gaining
MNI ASIA MARKETS ANALYSIS: Tsy Ylds Drift Higher Ahead CPI/PPI
Most SONIA Futures Look Through Yesterday's Lows Before Stabilising, ~30bp Of '24 Cuts Priced
Hawkish moves were seen in GBP STIRs alongside the broader weakness in core global FI markets, before the revised UoM sentiment data out of the U.S. allowed wider core global FI to edge away from session lows (they had already turned ahead of the data).
- SONIA futures generally moved below yesterday’s lows during the sell off but have recovered from worst levels to trade +0.5 to -1.0 last.
- ~31bp of cuts are priced into BoE-dated OIS through year end. The metric’s earlier move below 30bp of cuts failed to challenge the hawkish extremes seen in April (closer to 25bp).
- Political matters continue to dominate UK headlines and client discussions.
- Businesses seem largely at ease with the prospect of a Labour government, albeit with plenty of questions evident surrounding the party’s ultimate policy goals.
- Opinion polls will be watched in the weeks ahead, with the greatest risk to markets seemingly coming in the form of any meaningful narrowing of the Labour lead resulting in elevated hung parliament-linked uncertainty.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
Jun-24 | 5.195 | -0.5 |
Aug-24 | 5.119 | -8.1 |
Sep-24 | 5.059 | -14.1 |
Nov-24 | 4.956 | -24.4 |
Dec-24 | 4.886 | -31.4 |
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.