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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
ECB and BoE hike pricing pulled back sharply Thursday, with comments by ECB's Schnabel and BoE's Pill seen leaning dovish, and August Eurozone core inflation data looking less concerning than appeared the case Thursday after German and Spanish prints.
- ECB terminal depo Rate pricing -7.3bp to 3.91% (16bp of further hikes left in the cycle to Dec 2023). Today's price action broke a 5-session streak of rising peak rate expectations to leave terminal pricing at the lowest since Aug 8. It dropped the probability of an implied September ECB hike from about 1-in-2 to about 1-in-4 , with just 11bp of hikes priced cumulatively through the next 2 meetings (vs 18bp yest).
- BoE terminal Bank Rate pricing -9.4bp to 5.76% (51bp of further hikes left in the cycle to Feb 2024). Peak pricing is back to the lowest since Aug 10 and for the first time in a month, a 25bp BoE hike is no longer seen as assured, with implied probability of 92% currently; 38bp is priced through the next 2 meetings (was 44bp yest).
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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