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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
RBA dated OIS pricing is 2-10bp firmer for meetings beyond August with Apr’24 leading.
- The market currently is currently attaching a 52% chance of a 25bp hike at tomorrow’s meeting.
- The expected terminal rate sits at 4.17%, just shy of today’s intraday high of 4.20%. Nonetheless, the current level is the highest level since March 3.
- Year end easing expectations continue to be unwound with only 4bp priced. The day after the RBA surprised the market with a 25bp hike at the May meeting, year-end easing expectations stood at 26bp.
Figure 1: RBA-Dated OIS – Terminal Rate Expectations
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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