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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
The Silicon Valley Bank (SVB) collapse and the resultant impact on global risk sentiment have delivered a dramatic scaling back of tightening expectations across global STIR.
- Expectations of a larger 50bp tightening by the Fed at the March meeting has fallen back to around 50%, completely unwinding the firming sparked by Fed Chair Powell’s testimony to congress last week.
- RBNZ dated OIS has not been spared with pricing softening 3-5bp for meetings out to July and 9-16bp for meetings beyond.
- Interestingly, April meeting has declined in sympathy with the U.S. STIR but remains at 35bp of tightening. It is nonetheless down from 45bp last week.
- At the time of writing, however, pricing was 5bp firmer than the morning’s lowest levels as the market reacted to the announcement of the Fed’s New Bank Term Funding Program (BTFP).
Figure 1: RBNZ Dated OIS: Today Vs. Friday
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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