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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.
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Free AccessSONIA Off Yesterday's Dovish Extremes
SONIA markets sit off yesterday’s dovish session extremes.
- A reminder that continued worry surrounding the U.S. regional bank sector drove a rally in wider core global FI markets ahead of yesterday’s settlement window, with a subsequent retracement from best levels in bonds facilitating a bit of a pullback in SONIA markets (many still suggest the headwinds for NYC Bancorp appear to be localised).
- That leaves SONIA futures running +0.25 to -6.5 through the blues.
- Meanwhile, BoE-dated OIS shows ~110bp of cuts through ’24, with the first 25bp cut still more than fully discounted come the end of the June ’24 MPC.
- The initial hawkish reaction to yesterday's BoE decision pointed to a outcome that was less dovish than markets had priced, before some dovish nuances in the statement/economic projections/press conference helped limit/reverse that move.
- Comments from BoE chief economist Pill wrap up this week’s local docket (12:15 London), with the U.S. NFP release set to provide the headline macro risk event.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
Mar-24 | 5.174 | -1.4 |
May-24 | 5.062 | -12.6 |
Jun-24 | 4.901 | -28.7 |
Aug-24 | 4.686 | -50.2 |
Sep-24 | 4.485 | -70.4 |
Nov-24 | 4.253 | -93.5 |
Dec-24 | 4.088 | -110.1 |
To read the full story
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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.