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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 FUTURES
The short sterling strip is continuing to outperform the Euribor and Eurodollar strips as the market continues to adjust pricing following last week's BOE meeting and further negative headlines this morning on EU-UK relations.
- The short sterling strip continues to fully price in a 15bp hike by February (and continues to price in a high probability of a December hike). Looking ahead, Bank Rate at 1% is still being priced by the end of 2022 - this still seems a bit too much to us, but a much more plausible outcome than the higher-than 1.25% rate being priced at one point last week.
- A first hike from the ECB is still priced in for 2022 (but only one 10bp hike, rather than closer to 25-30bp a week ago).
- The first Fed hike is priced around the middle of 2022, with rates almost fully priced at 0.75% by the end of the year.
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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