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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
RBNZ dated OIS pricing is 2-3bps firmer across meetings today.
- The market attaches a 50% chance of a 25bp cut this week versus 69% on Friday and 43% before RBNZ inflation expectations data last week.
- A cumulative 45bps of easing is priced for the October meeting, with 86bps of cuts by year-end.
- To provide context, it's worth noting that in late December, the market had expected over 100bps of easing by year-end, stemming from the same anticipated terminal OCR.
Figure 1: RBNZ Dated OIS Expected Terminal & End-24 OCR (%)
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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