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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
Over the past two weeks, STIR markets within the $-bloc have firmed by 7 to 20bps, with the US showing the most significant gain and Australia trailing behind.
- The Canadian and NZ markets have both seen around a 10bp firming ahead of tomorrow's BoC and RBNZ policy decisions. (See MNI Previews here: BoC and RBNZ)
- Consequently, none of these markets currently have three 25bps rate cuts priced in for year-end, contrasting with the situation two weeks ago when both the US and Canada had around 80bps of easing priced in.
- At that time, NZ had 70bps priced in compared to 59bps presently, while Australia had 38bps of easing priced in contrast to the current 30bps.
- December 2024 expectations and the cumulative easing across the $-bloc stand at: 4.68%, -65bps (FOMC); 4.30%, -70bps (BoC); 4.01%, -30bps (RBA); and 4.92%, -59bps (RBNZ).
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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