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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
Yesterday’s more expansionary than expected Budget delivers a fiscal impulse that moves into positive territory next year. The market has taken this to be inflationary with a resultant shift firmer in NZ STIR.
- RBNZ dated OIS has firmed 12-32bp post-Budget across meetings with early ’24 leading.
- 40bp of tightening is priced for next week’s RBNZ meeting.
- Terminal Rate expectations lift to a new cycle high of 5.92%.
Figure 1: RBNZ 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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