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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.
CANADA
- BAX futures are holding onto a sizeable rally for the day, led by the Sep’23 with yields -8bp and even with the front Jun’23 yield -4bp. It’s come with the intraday rally in US rates, after the combination of debt talk impasse headlines, Fed Chair Powell not using the panel discussion to tow a more hawkish line and Yellen on potential further bank mergers.
- At 94.92, the Sep’23 is back near levels seen after Tuesday’s CPI initial reaction and has pushed through the close post-CPI (94.87) after BAX futures continued to push lower on the day.
- The BAM3/Z3 spread widens 3bps to -0.04 having come close to a rare (by recent standards) positive reading with yesterday’s close of -0.01.
- June OIS pricing has shifted from ~1/3 to more like 1/4 odds of a 25bp hike, whilst Scotia late yesterday called for a June 25bp hike in a move seen as insurance against inflation as their model doesn’t indicate the need for higher rates.
Sep'23 BAX futureSource: 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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